Summary: St. Petersburg (City of) Jun 11

Standard & Poors, June 2011

Abstract
The rating on the Russian city of St. Petersburg reflects Standard & Poor's Ratings Services' view of the city's low debt, sound liquidity position, and strong financial performance. However, we consider the rating to be constrained by an institutional framework in which flexibility is low and responsibility for distribution of revenue and expenditure depends largely on central government decisions. Additional constraints include the city's significant needs for long-term infrastructure financing, economic concentration, and modest wealth levels. St. Petersburg enjoyed 5.5% gross regional product (GRP) growth in 2010, and we expect continued economic growth to support budget revenues and financial performance in 2011-2013. However, the city's economy remains concentrated, with the 10 largest taxpayers providing an estimated 16% of tax revenue...

Companies mentioned in this report are:
- St. Petersburg (City of)
- MAN SE

Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- St. Petersburg (City of)
- MAN SE

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