S&P ups Russian Moscow Oblast outlook to positive

Standard & Poor's said it revised its outlook on the Russian Moscow Oblast to positive from stable on higher-than-expected economic and revenue growth.

At the same time, S&P said it affirmed its BB long-term issuer credit rating and ruAA Russian national-scale rating on the oblast.

"The ratings reflect Moscow Oblast's still low financial flexibility, limited budget predictability coupled with a lack of long-term financial planning," said S&P credit analyst Felix Ejgel.

"The ratings are supported, however, by strong economic development and the oblast's budget revenue growth - revenues are estimated to have increased 2.4x in 2003-2006 - which helps fuel investments in the local infrastructure and raise public sector salaries."

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