S&P boosts Leningrad to BB-

Standard & Poor's said it raised to BB- from B+ its issuer credit rating on Leningrad Oblast, along with its Russia national-scale rating to ruAA- from ruA+.

The outlook is stable.

The upgrade is driven by the oblast's improved budgetary performance and solid economic growth, S&P said.

The ratings reflect Leningrad's good economy and fiscal policies, which have resulted in an improved operating balance and a moderate debt burden, the agency said.

The ratings are constrained, however, by the oblast's low revenue and expenditure flexibility, evolving intergovernmental relations and the need to expand and upgrade public sector infrastructure, S&P added.

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