Sofia’s economy is above the average level of the country

Rating agency Standard and Poor’s confirmed the investment rating of Sofia Municipality with a stable outlook – BBB, reported the press office of the municipality.

Rating, which is equal to that of the state, may be increased if its is also the increased  and if the municipality performs its medium-term financial program according to the expectations of the agency.

The analysis of the S & P stated that the economy of the city is above the average level of the country, well diversifitsarana and with a strong focus on the service sector. GDP is planned to increase by about 1.5 % on average for the period 2013-2015.

Liquidity of the municipality is considered to be very good with a good opportunity to meet its obligations and the ability to internally generate funds. In 2013, in line with the recommendations of the rating agency, the municipality has taken important steps to improve its financial management , wrote in the message.

Sofia Municipal Council was first discussed and approved a three-year financial forecast for the municipality’s budget. Continuing development of the system of local taxes has led to improved collection, which as of August 31 has increased municipal revenues by 12 million lev annually.