Fitch affirms Moscow

Fitch Ratings said in a rating corrected to include the short-term foreign-currency rating that it affirmed the City of Moscow's long-term foreign- and local-currency ratings at BBB+, national long-term rating at AAA(rus) and short-term foreign-currency rating at F2.

The outlook is stable.

The agency said the ratings reflect continued growth in Moscow's strong and dynamic local economy, supported by further improvements in the economy of the Russian Federation; the city's large current surpluses and a high capacity for debt financing.

On the other hand, the ratings take into account Moscow's exposure to unhedged foreign-currency debt and potential pressure on operating expenditure from social spending and public salary increases, Fitch added.

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