Fitch ups Saint-Petersburg to BBB

Fitch Ratings said it upgraded the City of Saint-Petersburg's long-term foreign- and local-currency ratings to BBB from BBB-. The short-term foreign-currency rating is affirmed at F3. The national long-term rating is affirmed at AA+(rus) with stable outlook. Following the upgrade, the outlook is stable.

The upgrade reflects continued growth in the city's operating revenue and improvement in the city's budgetary performance, thanks to good local economic performance, the agency said.

The ratings also take into account social expenditure pressures, deterioration in infrastructure assets and labor-force shortage that may slow the city's economic growth, Fitch said.

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