Fitch Ratings International rating agency increased St. Petersburg's long-term credit rating

Fitch Ratings International rating agency increased St. Petersburg's long-term credit rating to «BBB» from «BBB-». The ratings forecast has also been revised from «Positive» to «Stable».

A rating increase to BBB confirms that significant investment risks are no longer deemed critical.

«BBB rating is a relatively high creditworthiness level. The current rating confirms that the country's economic situation allows it to timely fulfill own obligations in full», Roman Golovanov, Investment Committee Chairman said.

Earlier, Fitch Ratings agency upgraded Russia's long-term credit rating to the next «investment» stage of «BBB» level with a stable forecast.