Fitch affirms Blagoevgrad

Fitch Ratings said it affirmed the municipality of Blagoevgrad's long-term foreign- and local-currency ratings at BB+ and short-term foreign-currency rating at B.

The outlook is stable.

The ratings reflect Blagoevgrad's limited budgetary flexibility and substantial infrastructure investment needs for which long-term funding is not fully secured, Fitch said.

However, the ratings also take into account the municipality's debt-free position and low contingent liabilities, prudent budgetary management and strengthening socio-economic profile, the agency said.

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