Fitch affirms St. Petersburg

Fitch Ratings said it has affirmed the Russian City of St. Petersburg's long-term foreign and local currency issuer default ratings at BBB, short-term foreign currency issuer default rating at F3 and national long-term rating at AAA(rus).

The outlooks on the long-term issuer default ratings are negative and on the national long-term rating stable.

The city's outstanding senior unsecured domestic bonds have also been affirmed at BBB and AAA(rus), the agency said.

The affirmation reflects Fitch's unchanged baseline scenario on St. Petersburg's sound operating performance, low debt and strong liquidity. They also consider the city's diversified, albeit slowing, economy.

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