Fitch affirms Moscow

Fitch Ratings said it affirmed the city of Moscow's long-term foreign- and local-currency ratings at BBB and its short-term foreign-currency rating at F3. The city's national long-term rating was affirmed at AAA(rus).

The outlook for all long-term ratings is stable.

Ratings reflect the city's robust local economy, strong operating margins, capital expenditure flexibility and strong debt coverage ratios, the agency said.

Ratings also factor in its growing direct debt and deterioration in budgetary performance in 2009 due to lower tax revenues caused by the slowdown of the national economy, the agency noted.

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