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Standard & Poor's upgraded the credit rating of the Bulgarian capital Sofia from "BBB-" to "BBB" with a stable outlook, Sofia Mayor Yordanka Fandakova reported on Sunday. This is the same rating that is assigned to Bulgaria as a whole, which means that Sofia has reached the maximum, because the city cannot be rated higher than the country, Fandakova said.
According to her, the upgrade was prompted by a strict financial discipline, an ambitious capital programme, which is financed thanks to improved collection of revenues, and the co-financing of EU-backed projects. Standard & Poor's took particular notice of the fact that Sofia was paying its dues to its partners on time, the Mayor said.
This puts the city in a better position in its negotiations with the European Investment Bank for a 50 million euro loan for street construction and repair, she said.
Related News in English
Povezane vesti na srpskom
Συναφείς Ειδήσεις στα Ελληνικά