Fitch cuts Moscow outlook to negative

Fitch Ratings said it has revised the Russian City of Moscow's long-term foreign and local currency outlooks to negative from stable.

Moscow's long-term foreign and local currency ratings are affirmed at BBB+ and the short-term foreign currency rating at F2, Fitch noted, adding that it also affirmed Moscow's national long-term rating at AAA(rus) with stable outlook.

The rating action follows the revision of Russia's outlook to negative from stable due to a risk of capital flight, the systemic weakness of the banking system and relatively high inflation, Fitch said.

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