S&P confirmed Saint Petersburg’s long-term rating at

Rating agency Standard and Poor's confirmed Saint Petersburg’s long-term credit rating at 'BBB' with a stable prognosis.

S & P analysts believe that the positive impact on the Saint Petersburg rating have low debt, good liquidity, strong financial index and a low level of contingent liabilities. According to analysts, despite the low growth in tax revenues, the City's ability to restrain spending growth may lead to the persistence of high current financial index.

However, according to the agency the negative impact on the ratings are providing developed and unbalanced russian system of public finances and significant long-term needs of the City in the financing of infrastructure.