Sofia's long-term credit rating remains stable

Sofia's long-term credit rating remains stable

The international rating agency Standard & Poor's (S&P) has confirmed the stability of Sofia's long-term credit rating - BBB, which is equal to Bulgaria's rating, the Sofia Municipality announced. According to the agency, the national GDP per capita is lower than the Central European and other comparable countries, but on the other hand Sofia has a clear strategy to present itself as an investment zone and а digital capital.

The capital continues to have more stable economic indicators than the national average, despite the crisis with the Covid-19 pandemic. Sofia's revenues balance the unpredictable financial framework in which Bulgarian cities operate. The diversified local economy, low unemployment and financial discipline give S&P reason to maintain its confidence and confirm the forecast for the development of the capital.

Standard & Poor's expects unemployment in the city to remain below the national average. Sofia has a limited amount of debt and a stable liquidity position, thanks to the sustainable financial results and external co-financing of its investment program.

Therefore, the Bulgarian capital is expected to continue to have stable revenues and expenditures in the normalization of the economy.

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