Sofia gets an investment grade rating
The international rating agency, Standard & Poor's (S & P Global Ratings) increased Sofia's long-term credit rating from BB + to BBB- with a stable outlook. Thus, it already falls in the "investment ratings" group. This means that Sofia Municipality becomes an even more attractive place for channelling investment. Good rating is not only a useful reference for foreign investors, but also for the municipality and its citizens because it helps to attract cheaper financial resources for the implementation of Sofia capital program. The increase is also recognition for a job well done by the Mayor of Sofia, Yordanka Fandakova and the municipal administration in maintaining financial stability and high level of own revenue of Sofia Municipality. The grounds of S & P Global Ratings state that the status of the city as an administrative, financial and commercial center of Bulgaria is in support of Sofia's inherent rating. According to Standard & Poor's, this contributes to diversification and gives grounds for predicting sustainable economic growth of the local economy. The assessment reflects the Agency's view of the municipality`s extremely high liquidity and good budget flexibility, based on significant autonomy in local revenue management. The stable outlook is reflected in the expectations for Bulgaria's rating (BBB- / stable outlook / A-3) and is based on the fact that Sofia's economy is stronger than the country average. Therefore, Standard & Poor's gave Sofia Municipality the maximum possible rating for a Bulgarian municipality that is equal to the sovereign one.