S&P rates Bulgaria's Plovdiv BB

Standard & Poor's said it assigned its BB issuer credit ratings to the city of Plovdiv, the second-largest city in Bulgaria (foreign currency BBB-/stable/A-3, local currency BBB/stable/A-3).

The outlook is stable.

S&P said the ratings are supported by the city's diversifying economy, no debt (with only modest growth forecasted), and prudent management. The ratings are constrained by Plovdiv's significant need to invest in infrastructure, ongoing operating expenditure pressures, and the need to eliminate remaining overdue accounts payable. In addition, the ratings are also weakened by the contingent liabilities related to loss-making municipal companies, and uncertainties related to the intergovernmental reform.

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