June 7 (SeeNews) - Standard & Poor's Ratings Services (S&P) said it has affirmed its long- and short-term foreign and local currency sovereign credit ratings on Bulgarian cities of Sofia, Plovdiv and Stara Zagora at 'BB+', while upgrading their outlooks to positive from stable.
On June 2, S&P revised its outlook on Bulgaria to positive from stable. The positive outlook on Sofia, Plovdiv and Stara Zagora reflects that on Bulgaria, the credit rating agency said late on Tuesday in three separate statements.
"We do not currently rate Bulgarian local and regional governments above the sovereign," the rating agency said adding that it consequently caps the long-term rating and outlook on the cities of Sofia, Plovdiv and Stara Zagora at the level of our long-term ratings and outlook on Bulgaria.