Support The Moscow Times!

Mayor Says Rating Agencies Underestimate Moscow

Western ratings agencies are pulling down Moscow's investment rating, Mayor Sergei Sobyanin said.

"About 8 million square meters of real estate are built every year worth, by the most modest estimate, about $28 billion," Sobyanin said at a meeting of the city government last week. By comparison, London erects only $18 billion worth of new buildings each year, he added.

Sobyanin said that Moscow's investment potential is underestimated by a factor of 10, Vedomosti reported.

The city government discussed a recent rating that placed Moscow fourth amongst the largest investment markets in Europe, with total investment of 4.5 billion euros ($6.2 billion). Sobyanin called this assessment absurd, saying that City Hall alone has an investment program of $10 billion.

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.