Fitch upgrades ratings of 6 Russian cities, regions to BBB

MOSCOW, Aug 19 (PRIME) -- International rating agency Fitch Ratings has upgraded long-term foreign- and local-currency issuer default ratings (IDRs) of Moscow, St. Petersburg, the Nenets Autonomous District, republics of Tatarstan and Bashkortostan, and the Chelyabinsk Region to BBB from BBB-, with a stable outlook, the agency said on Monday.

The move follows the recent upgrade of Russia’s sovereign rating to BBB from BBB-.

Fitch also revised the Lipetsk Region’s outlooks to positive from stable, while affirming the region’s long-term foreign- and local-currency IDR at BB+.

“The revision reflects a growing track record of budget discipline and consistently prudent debt and liquidity management,” it said.

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