S&P: Varna view to positive

Standard & Poor's said it revised the outlook on the city of Varna to positive from stable.

The agency also said it affirmed the issuer credit rating on Varna at BB.

The ratings are constrained by the limited predictability of its financial policy, refinancing risk due to a growing reliance on short-term debt and low expenditure flexibility from high infrastructure needs and operating spending pressure, S&P said.

The ratings benefit from Varna's strong operating budgetary performance, the gradual fiscal decentralization in Bulgaria that increased local government autonomy in managing revenues and its still-moderate although growing debt levels, the agency said.

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