Research Update: Russian Capital City of Moscow Affirmed At 'BBB'; Outlook Stable Dec 11

Standard & Poors, December 2011

Abstract
Moscow is Russia's economic, administrative, and financial center, with a strong budgetary performance, very high liquidity, and low debt. Russia's developing, unbalanced system of interbudgetary relations means Moscow's flexibility is low and distribution of revenues and expenditures largely depends on central-government decisions. In our opinion, a Russian LRG cannot be rated above the sovereign. We are affirming our long-term issuer credit rating on Moscow at 'BBB', as it is capped by the 'BBB' foreign currency long-term rating on Russia. The outlook is stable, reflecting that on the Russian sovereign. On Dec. 19, 2011, Standard & Poor's Ratings Services affirmed its 'BBB' long-term issuer credit rating on Russia's capital, the City of Moscow. The outlook is stable. The rating on Moscow...

Companies mentioned in this report are: Moscow (City of)
Action: Affirmed
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Moscow (City of)

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