S&P affirms St. Petersburg

Standard & Poor's said it affirmed the BBB long-term issuer credit rating on St. Petersburg.

The outlook is stable.

The rating is capped at BBB due to the Russian sovereign foreign-currency rating, S&P said.

The rating reflects the city's low debt, sound liquidity position and strong financial performance, the agency said.

It remains constrained by an institutional framework in which flexibility is low and responsibility for distribution of revenue and expenditure depends largely on central government decisions, S&P said.

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