S&P rates Moscow bond BBB

Standard & Poor's said it assigned a BBB local-currency long-term debt rating to the proposed RUB 15 billion 54-month senior unsecured bond to be issued by the City of Moscow (BBB/negative).

The rating on the city of Moscow reflects its position as Russia's economic, administrative and financial center, as well as its diverse, service-based economy, with wealth levels well above the national average, S&P said. It also benefits from a cautious debt management.

The rating is constrained by the limited predictability and flexibility of Moscow's budgetary policies, due to a weak but improving institutional framework, emerging long-term planning and pressing infrastructure development needs, according to the agency.

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