International rating agency Fitch has revised down its outlook on Russian cities of Moscow and Saint Petersburg to stable from positive over the increased political uncertainty in Russia ahead of the March presidential vote, the agency said on Wednesday.
The rating changes follow recent outlook revisions of Russia's long-term foreign and local currency Issuer Default ratings to stable from positive on Monday.
"Political uncertainty in Russia has risen and the global economic outlook has worsened since Fitch last affirmed the (Russia's) rating in September 2011," said Fitch's Sovereign group director Charles Seville.
The agency affirmed the Russian cities' long-term foreign and local currency ratings at BBB.
Russia's political risk, reflected by poor governance indicators, was a long-standing weakness compared with most other 'BBB' rated countries, Fitch said on Monday, adding recent events had highlighted the limitations and risks associated with Russia's political model.
