OREANDA-NEWS. Fitch Ratings has today affirmed the City of Moscow's ratings at Long-term foreign and local currency "BBB+", National Long-term "AAA(rus)" and National Short-term "F2". The Outlooks on the Issuer Default and National Long-term ratings are Stable.

The ratings reflect continued growth in Moscow's strong and dynamic local economy, supported by further improvements in the economy of the Russian Federation.

They also factor in 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.

The Stable Outlook reflects Fitch's expectations that the city will continue to record robust budgetary performance on the back of a strong local economy.