S&P boosts St. Petersburg

Standard & Poor's said it raised its long-term issuer credit rating on the Russian City of St. Petersburg to BBB-.

The outlook is stable.

S&P said the upgrade reflects the city's increased commitment to address its most urgent infrastructure needs, as highlighted by rising capital expenditures and long-term investment plans. St. Petersburg's low debt, good debt management and sound finances, combined with strong financial performance and growing revenues also support the rating.

The rating remains constrained, however, by the city's significant long-term infrastructure financing needs - even in a Russian context - that increased due to underinvestment in the past, the agency added.

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