S&P affirms Varna

Standard & Poor's said it affirmed its BB+ long-term issuer credit rating on the City of Varna.

The outlook is stable.

The agency noted that the rating on Varna, the third-largest city in Bulgaria, reflects its low level of financial predictability and flexibility, uncertainty about annual capital expenditure planning resulting in volatile budgets and high infrastructure needs that will likely trigger an increase in debt over the medium term.

These factors are mitigated by Varna's improving operating results, currently modest debt level and the city's diversified and growing economy, S&P said.

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