OREANDA-NEWS. Standard & Poor's Rating Services said today it revised its outlook on the Russian Moscow Oblast to positive from stable on higher-than-expected economic and revenue growth.

At the same time, Standard & Poor's affirmed its 'BB' long-term issuer credit rating and 'ruAA' Russian national scale rating on the oblast.

"The ratings reflect Moscow Oblast's still low financial flexibility, limited budget predictability coupled with a lack of long-term financial planning," Said Standard & Poor's credit analyst Felix Ejgel. "The ratings are supported, however, by strong economic development and the oblast's budget revenue growth--revenues are estimated to have increased 2.4x in 2003-2006--which helps fuel investments in the local infrastructure and raise public sector salaries."