Fitch International Rating Agency has changed the forecast of St. Petersburg rouble and currency ratings on B level from stable to positive.

The Agency announced that forecast changing reflects efforts of the City Administration to reduce the volume of eurobonds in dollars to be paid off. Also the value intended in the city budget for 2002 for paying off the eurobonds was considered. Analytics consider that St. Petersburg's abilities for timely debt service have significantly improved and no difficulties with eurobonds paying off are expected in June 2002.

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