MOSCOW, December 22 (RIA Novosti) - International rating agency Standard & Poor's has upgraded Moscow's long-term rating for its foreign currency-denominated liabilities from BBB- to BBB with a stable outlook following the upgrade of Russia's credit rating and good financial performance, S&P said Thursday.
S&P said Moscow was the sole region in Russia with an investment-grade rating.
The rating reflects the continued improvement of the city budget's implementation, liquidity indices and the reduction of the debt burden, the agency said. Moscow has been able to bring its debt to below 20% of its revenues, S&P said.
The rating also reflects Moscow's role as the political, trade and financial center of Russia with a diversified economy, a developed services sector and good living standards, which exceed the country's average figure, the agency said.
