Fitch affirms Moscow

Fitch Ratings said it has affirmed the City of Moscow's long-term foreign and local currency ratings at BBB, respectively, and its short-term rating at F3.

The outlooks for both long-term ratings are negative.

Fitch said it has also affirmed the city's national long-term rating at AAA(rus) with a stable outlook.

The agency added that it assigned expected national long-term AAA(rus) ratings to the city's two upcoming issues: a RUB 15 billion domestic bond due June 3, 2013 and a RUB 20 billion domestic bond due June 8, 2014.

Fitch said that Moscow's ratings reflect its robust local economy, sound budget performance and strong debt coverage ratios.

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