S&P rates City of Varna

Standard & Poor's said it assigned its BB long-term foreign and local currency issuer credit ratings to the City of Varna in the Republic of Bulgaria (foreign currency BBB-/positive/A-3; local currency BBB/positive/A-3).

The outlook is stable.

The ratings on Varna reflect its weak financial performance, low financial flexibility and predictability and high infrastructure needs, S&P noted.

Conversely, the ratings are supported by the city's diversified and growing economy, low debt levels and relatively sophisticated management, the agency said, adding that the city has a very low debt level, which is expected to remain below a modest 20% of revenues in the medium term.

© 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.