Fitch Affirms Moscow at the level «BBB», the forecast - "positive"

International rating agency Fitch on Tuesday confirmed the investment ratings of Moscow took place against the backdrop of the resignation of Mayor Yuri Luzhkov - long-term ratings in foreign and local currency «BBB», and short-term foreign currency rating to «F3», the forecast on long-term ratings of global scale - "positive". This is stated in the report of the agency. Also, Fitch affirmed the long-term rating of Moscow on national scale «AAA (rus)» from "stable" outlook.

According to Fitch, a change of mayor of Moscow will have no material impact on fiscal and debt policies of the city in the short and medium term. Fitch expects that "Moscow will continue to demonstrate strong fiscal performance against the backdrop of economic recovery."

The ratings of Moscow, said in a statement Fitch, reflects the strong economy of the city, good performance of the operating margin, the flexibility of capital expenditure and high rates of secured debt. The ratings also take into account the growing line of duty, and temporary worsening budgetary performance in 2009 due to lower tax revenue due to slower growth of national economy.