St. Petersburg's credit rating has been confirmed at the highest level

The rating agency Expert RA has confirmed the credit rating of St. Petersburg at the highest level of AAA (RU). The forecast on the national rating scale is "stable".
According to experts, the credit rating of St. Petersburg is due to the high level of economic development and a comfortable investment climate, a favorable level of demographic development and a developed labor market, balanced budget execution and strong positions on the debt burden. High budgetary autonomy, flexibility of the expenditure part of the budget, as well as high values of a number of socio-economic indicators of St. Petersburg have a positive impact on the level in the rating.
The volume of investments in fixed assets in St. Petersburg by the end of 2022 amounted to 997.5 billion rubles. According to the results of the first half of 2023, investments increased by 11.8% in comparable prices compared to the same period in 2022. Among the industries, the largest contribution to the positive dynamics of investments was made by the traditional directions for the city: transportation and storage, real estate operations, manufacturing. The ratio of investments in fixed assets to GRP over the past three years has been 10.4%. In accordance with the forecast of socio-economic development of St. Petersburg for 2024 and the planning period of 2025 and 2026, the estimated volume of investments in fixed assets by the end of 2023 will amount to 1.1 trillion rubles, which is 3.7% higher than the level of 2022 in comparable prices.
Read the detailed justification of the rating in the analytical article on the website https://raexpert.ru/releases/2023/dec01b .
For reference
Expert RA is the largest rating agency with more than 25 years of history. Expert RA is included in the register of credit rating agencies of the Bank of Russia, and is also included in the lists of independent verifiers of green and social bonds of the International Association of Capital Markets (ICMA), the Moscow Exchange and VEB.RF.
The agency's ratings are used by the Bank of Russia, the Ministry of Finance, the Ministry of Economic Development, the Moscow Stock Exchange, as well as hundreds of companies and authorities in conducting contests and tenders.