Fitch ups Saint-Petersburg

Fitch Ratings said it upgraded the Russian city of Saint-Petersburg's long-term national rating to AAA(rus) from AA+(rus) and affirmed its long-term foreign- and local-currency ratings at BBB. The short-term foreign-currency rating is affirmed at F3.

The outlook is stable.

The ratings reflect the city's viable economy, improved budgetary performance, low debt and strong liquidity position, Fitch said.

The ratings also consider the slow recovery of the depressed tax revenue and an expected increase in contingent liabilities due to infrastructure capital expenditure financing, the agency said.

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