BULGARIA: MOODY'S UPGRADES CITY OF VARNA'S ISSUER RATING TO B1 FROM B2. IPR Strategic Business Information Database | August 4, 2003 | COPYRIGHT 2003 Info-Prod (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information) Copyright

Moody's Investors Service today upgraded the long-term foreign currency issuer rating of City of Varna to B1 from B2. The upgrade reflects the City's favourable economic profile, recent improvements introduced to the Bulgarian local government framework and Varna's good financial performances. The B1 rating also takes account of the legal constraints limiting the City's capacity to generate additional revenue and adjust current expenditure. The rating outlook is positive, factoring Moody's expectation that the legal framework will, in the near future, be making progress ...

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