Fitch affirms Saint-Petersburg

Fitch Ratings said it affirmed the City of Saint-Petersburg's ratings at long-term foreign- and local-currency BBB, national long-term AA+(rus) and at short-term foreign-currency F3.

The outlook for the long-term foreign- and local-currency ratings is negative and the outlook for the national long-term rating is stable.

Ratings reflect the city's strong, albeit weakening, budgetary performance, its low debt, a high self-financing capacity for capital expenditure and its strong liquidity position, the agency said.

Ratings also consider weaker tax revenue collection due to the slowdown of the local economy and expected depletion of cash reserves, the agency noted.

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