The Standard & Poor's Rating of Sofia Municipality Remains "BBB-"

Politics » DOMESTIC | March 5, 2018, Monday // 08:42
Bulgaria: The Standard & Poor's Rating of Sofia Municipality Remains "BBB-"

The rating of Sofia Municipality, given by the international rating agency Standard & Poor's, was confirmed on BBB-, the press center of Sofia Municipality announced.

The S & P Global Ratings report noted that there had been a significant rating event, namely the sale of the municipal shareholding in the Municipal Bank.

As a result, the assessment of the key factor "contingent liabilities", which from "high" becomes "moderate", is improved by one step. Sofia's rating was upgraded in December last year from BB + to BBB- with a stable outlook and is in the "investment ratings" group, reminded the municipality. This helps to attract cheaper financial resources for the implementation of the program of the capital.

According to the preliminary data for the implementation of the budget of Sofia for 2018, the revenues in the municipal treasury during the first two months of the year are over BGN 5.3 million more than in the same period of 2017. Total of 87.2 million BGN is the income in January and February.

Property taxes revenues amounted to BGN 46.6 million, with a tax of buildings amounting to BGN 14.16 million and motor vehicle tax - BGN 16.6 million. The tax campaign for the motor vehicles started this year on 2 January , which reflects the good collection rate, reported by the municipality. The revenues from the garbage fee to date are over 21 mln leva, non-tax revenues for the first two months of the year are over BGN 40.6 million, according to Sofia Municipality.

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Tags: Standard & Poor's, rating, Sofia Municipality
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