Mayor Fandakova Worried About Sofia's Credit Rating
Sofia Mayor Yordanka Fandakova said she was worried about the city's credit rating, after Standard and Poor's cut Bulgaria's rating to BBB-.
“I am extremely worried, because the state's and the municipalities' credit ratings are like interconnected vessels,” Fandakova told Focus news agency.
“In the hardest years of economic downturn we managed not only to keep our credit rating, but to improve it,” she said. “We managed to increase the budget, to build and develop our city. Unfortunately, however, the city's credit rating is dependent on the country's credit rating. So I expect the Sofia credit rating to be cut, in spite the stable financial situation of the city.”
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