S&P ups Leningrad view to positive

Standard & Poor's said it revised the outlook on Leningrad Oblast to positive from stable, and affirmed the BB long-term issuer credit ratings and ruAA Russian national scale ratings.

The outlook revision reflects an expectation of strong economic and revenue growth in Leningrad Oblast over the medium term, S&P said.

The ratings reflect its good growth prospects, low debt and strong liquidity position, the agency said.

Leningrad suffers from low financial flexibility and predictability in the context of the Russian intergovernmental and tax systems, S&P said.

Economic concentration and continuous pressure on expenditure further constrain the ratings, the agency added.

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