August 29 (SeeNews) - Global rating agency Standard & Poor's on Friday said it withdrew its 'BB-' long-term issuer credit rating on the Bulgarian City of Karlovo due to insufficient information to assess the city's credit quality.
The outlook at the time of withdrawal was stable, S&P said.
"The rating was constrained by Karlovo's continuing operating deficit and limited fiscal flexibility in the face of operating-expenditure pressures and infrastructure investment needs," the rating agency said.
The rating was supported by the city's debt-free status, limited contingent liabilities, and accumulated cash reserves, it added.
Karlovo is located in central Bulgaria.