Standard & Poor's Upgrades Sofia's Credit Rating

Standard & Poor's Upgrades Sofia's Credit Rating

International credit rating agency Standard & Poor's upgraded the credit rating of the Bulgarian capital Sofia from "BBB-" to "BBB" with a stable outlook.

This is the same rating that is assigned to Bulgaria as a whole, which means that Sofia has achieved the maximum rating because the city cannot be rated higher than the country, the state-run Bulgarian News Agency quoted the capital's mayor Yordanka Fandakova as saying.

The rating upgrade puts the city in a better position in its negotiations with the European Investment Bank for a 50 million euro loan for street construction and repair, Fandakova added.

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