Moody's ups Moscow, other regions

Moody's Investors Service said it upgraded the ratings of the City of Moscow and seven other Russian regions in light of improved macroeconomic conditions and reduced risk of systemic shocks throughout the Russian Federation.

Moody's upgraded Moscow's domestic- and foreign-currency issuer ratings to Baa3 from Ba1 and eurobond rating to Baa3 from Ba1, City of St. Petersburg's foreign-currency issuer rating to Baa3 from Ba2, Samara Oblast's foreign-currency issuer rating to Baa3 from Ba2, Perm Oblast's domestic- and foreign-currency issuer ratings to Ba1 from Ba3, Bashkortostand Republic's domestic- and foreign-currency issuer ratings to Ba1 from Ba3 and domestic debt rating to Ba1 from Ba3 and Tatarstan Republic's, Komi Republic's and Moscow Oblast's foreign currency issuer rating to Ba1 from B3.

With the tax reforms near or at completion and the introduction by the Russian Federation of prudential measures and oversight, Moody's said the country's institutional framework is expected to provide a greater degree of stability in the financial health of the Russian regions.

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