A stable growth of the Russian economy over the last few years resulted in upgraded sovereign and internal ratings. However, no investment grade was granted to territorial government authorities yet. The credit rating of Moscow, which used to be the same as the sovereign one, was upgraded to Ва 1, only one point up, by Moody’s early in January 2004. In spite of a positive financial performance (accumulated debt to annual budget revenues and GNP ratio) and no default on the 1998 obligations, Moscow is graded below the federal government because of risks of low tax revenues associated with the ongoing tax reform at the city.
Unlike Moody’s, Standard & Poor's and Fitch Ratings also upgraded the sovereign rating on Russia during the year, but early in February 2004 it was one point below the investment grade, ВВ+. The same ВВ+ credit rating was granted to Moscow (Table 35).
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