S&P lifts Moscow from junk

Standard & Poor's said it raised its long-term foreign currency issuer credit and senior unsecured debt ratings on the Russian capital City of Moscow to BBB- from BB+. The outlook is stable.

S&P said the rating action is based on the improving overall Russian fiscal environment and follows the rating upgrade on the Russian Federation (foreign currency BBB-/stable/A-3, local currency BBB/stable/A-3).

The upgrade on Moscow also takes into account the city's growing economy and revenues, modest debt and strong financial performance in 2004 that is likely to continue in the medium term, according to S&P.

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