S&P ups Plovdiv to BB+

Standard & Poor's said it raised its long-term issuer credit rating on the Bulgarian City of Plovdiv to BB+ from BB.

The outlook is stable.

The upgrade reflects the city's rapidly growing revenues and subsequent improvement in operating performance, the agency said. The city has robust liquidity, owing to the 2006 budgetary surplus and the cash inflow from the first tranche of the 2006 bond issue, S&P said.

Similar to all Bulgarian cities, the agency said, Plovdiv's limited financial flexibility and uncertainties related to the ongoing intergovernmental reform represent constraining factors for the rating.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.