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S&P affirms Varna
Standard & Poor's said it affirmed its BB long-term issuer credit rating on the Bulgarian City of Varna following growing revenues.
The outlook is positive.
S&P noted that the rating on Varna, the third-largest city in the Republic of Bulgaria (foreign currency BBB/positive/A-3, local currency BBB+/stable/A-2), reflects its weak operating performance, low financial flexibility and predictability and high infrastructure needs.
These factors are mitigated by the city's diversified and growing economy, expected benefits from Bulgaria's EU accession, modest debt levels, sophisticated management and currently strong liquidity, the agency added.
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