Sofia Will Also Get 'Junk' Credit Rating

Bulgaria's capital Sofia credit rating will also be downgraded to “junk”, said the deputy mayor in budget and finances Doncho Barbalov, quoted by Dnevnik.bg.

The reason is the downgrading of Bulgaria's sovereign credit rating from BBB-/A-3 to BB+ from BBB- with a stable outlook by the Standard & Poor's on Friday.

“There is no way that a city has a higher credit rating than the country it is in, no matter how well it performs financially,” Barbalov said. “This happens for the second time this year after Bulgaria's rating was cut from “stable” to “negative”.”