S&P ups Nizhny Novgorod outlook to positive

Standard & Poor's said it revised its outlook on the Russian city of Nizhny Novgorod to positive from stable because of better-than-expected performance due to municipal reform and accelerating investments.

At the same time, the BB- long-term issuer credit and ruAA- Russia national-scale ratings were affirmed, the agency said.

S&P added that the ratings on the City of Nizhny Novgorod, the administrative center of Nizhny Novgorod Oblast (not rated), located in the Volga region of The Russian Federation (foreign currency BBB+/stable/A-2, local currency A-/stable/A-2, Russia national-scale ruAAA), reflect its low financial flexibility and limited, although improving budget predictability, economic concentration and high infrastructure needs.

Conversely, the city's strong commitment to keep debt low, its stable and sound budgetary performance and growing economy support the ratings, the agency said.

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