S&P Affirms Plovdiv at BBB-, Changes Outlook to Stable

S&P Affirms Plovdiv at BBB-, Changes Outlook to Stable

Standard&Poor's Ratings Services (S&P) said it affirmed the BBB- long-term rating of Bulgaria’s second largest city, Plovdiv, and changed its outlook to stable from positive.

The stable outlook reflects the agency's expectation that Plovdiv will continue to report sound, albeit weaker, budgetary performance over the next two years, S&P said in a statement.

Plovdiv’s financial results in 2013 were stronger than budgeted due to its tight grip on spending, the agency added.

“The outlook revision reflects our view of Plovdiv's low but increasing debt, moderate budgetary flexibility, sound budgetary performance, and low contingent liabilities," S&P also said in the statement:."Our assessment is constrained by our view of the "consolidating but uneven" institutional framework for municipalities in Bulgaria, the limited long-term visibility in Plovdiv's financial management, and its relatively low wealth levels in an international comparison."

The ratings also take into account our view of Plovdiv's liquidity as "neutral" thanks to accumulated cash reserves.
 

Cookies Preferences
Choose Type of Cookies You Accept Using


These cookies are required for the website to run and cannot be switched off. Such cookie are only set in response to actions made by you such as language, currency, login session, privacy preferences. You can set your browser to block these cookies but our site may not work then.


These cookies allow us to measure visitors traffic and see traffic sources by collecting information in data sets. They also help us understand which products and actions are more popular than others.


These cookies are usually set by our marketing and advertising partners. They may be used by them to build a profile of your interest and later show you relevant ads. If you do not allow these cookies you will not experience targeted ads for your interests.