The international rating agency Standard & Poor (S&P) Global Ratings upgraded Sofia’s long-term credit rating from ‘BBB-‘ to ‘BBB’, outlook positive, the Sofia Municipality press office reported.

According to S&P Global Ratings analysts, after the local elections in Sofia, there is a continuity that will ensure further financial stability and maintained high liquidity. The international credit agency expects Sofia Municipality to continue to maintain the high level of its own revenues, as before.

Sofia joined the cities with investment ratings in December 2017. The raising of the capital’s rating has happened a couple of days after Bulgaria’s credit rating was also raised. According to S&P Global Ratings rules, a city cannot be rated higher than its state.