S&P lifts Novosibirsk

Standard & Poor's said it raised the long-term issuer credit rating on the City of Novosibirsk to BB- from B+.

The outlook is stable.

At the same time, the Russia national-scale rating was raised to ruAA- from ruA+, the agency said, adding that Novosibirsk is the third-largest city in The Russian Federation (foreign currency BBB+/positive/A-2, local currency A-/positive/A-2, Russia national-scale rating ruAAA).

The upgrade reflects the city's growing revenues, improved budgetary performance and reduced debt, the agency noted, adding that the ratings are constrained by low financial flexibility and predictability, pressures on performance from growing expenditures and the need to develop a reliable medium-term investment program.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.