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Standard & Poor's increase outlook on Varna to positive
On June 27, 2012, Standard & Poor's Ratings Services revised its outlook on Bulgaria's city of Varna to positive from stable. The ratings on Varna, the Republic of Bulgaria's third-largest city, benefit from Varna's strong operating budgetary performance (which Standard & Poor's believe will continue), the gradual fiscal decentralization in Bulgaria that has increased local government autonomy in managing revenues, and its still-moderate although growing debt levels.
During the economic crisis of 2009-2010, the city demonstrated its ability to control spending to match shrinking revenues. The city also plans to embark on a large-scale capital investment program worth about Bulgarian lev (BGN) 260 million (EUR130 million) focused on public transport, waste water treatment, and waste disposal.
Positively, the city has managed to improve tax revenue collection. Combined with resumed economic growth and continued cost controls, this should result in a strong operating performance. In the base case, Standard & Poor's forecast the city's economy to grow by 2.7% per year during 2012-2014, leading to an operating surplus as a percentage of own operating revenues at a sound 15.7%.
The positive outlook reflects Standard & Poor's view that projected revenue growth due to better tax collection and an increasing tax base, combined with the authorities' adherence to cautious spending policies, may strengthen Varna's budgetary performance and limit its recourse to short-term borrowings.
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