S&P raises Leningrad Oblast

Standard & Poor's said it had raised its long-term issuer credit rating on Leningrad Oblast to BB+ and its Russia national scale rating on the oblast to ruAA+. The 3 recovery rating on the oblast's unsecured debt remains unchanged, the agency said.

The outlook is stable.

S&P said the upgrade reflects its view of Leningrad Oblast's economic and revenue growth, which the agency thinks will likely result in sound budgetary performance, a consistently strong liquidity position, and low debt.

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