Fitch ups St. Petersburg view to positive

Fitch Ratings said it changed the City of St. Petersburg's outlook to positive from stable, and affirmed its long-term foreign- and local-currency ratings at BBB, short-term foreign-currency rating at F3 and national long-term rating at AA+(rus).

The change reflects the city's strong and sustained budgetary performance fueled by its diversified and buoyant economy, Fitch said. The ratings also consider increased capital expenditure and low debt burden of the city.

The ratings also take into account the city's limited experience in structuring public-private partnerships, the agency added.

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