Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Moody's Ups Rating

LONDON -- Moody's Investors Service on Tuesday changed the outlook on the city of Moscow's Caa1 foreign and domestic currency ratings from negative to stable, the agency said on its web site (

Moody's said the outlook change reflected the city's track record in meeting debt service obligations over the past 12 months despite the liquidity pressures it has put on the city's budget.

The agency said the city of Moscow remains one of the strongest regions economically in the country and the city's budget recovered comparatively well from the financial crisis of 1998.

Nevertheless, Moody's said that debt service remains a severe burden on the city budget with 20.3 billion rubles (719.8 million), or 15 percent of revenues, allocated to debt service in 2000.