S&P Global Ratings raised its outlook for Sofia to "positive"

S&P Global Ratings raised its outlook for Sofia to "positive" due to the improved forecasts for the economic growth of Bulgarian capital and confirmed the long-term credit rating "BBB", announced the mayor of Sofia, Vasil Terziev.

Naturally, there are risks to our development, but there is also a countermeasure - improving the transparency and efficiency of the municipality and management, financial results, and supervision of municipal companies together with the SOS.

The important thing for me and the municipality's team in the coming months is to work hard to justify the trust that has been given to us by making the necessary reforms in commercial companies as well, as providing better quality and efficient services to the people of Sofia. Together with Ivan Vasiliev, deputy mayor for finance, we are already working on an analysis of the financial results, management practices, and efficiency of commercial companies. In the coming weeks, we will share the results and our recommendations with their principal SOS, emphasizing Terziev.

Sofia's potential for development is huge. We all know that. But it is always good when it is appreciated internationally. The economy of our city is not just several times bigger than that of other cities in Bulgaria, it is a launch vehicle for the country. Sofia's wealth is not just more than twice as high as the national average - it can be replicated in other cities through building cooperation for good practices, knowledge transfer, common projects, and initiatives to pull us forward together emphasizes Terziev. /BGNES