Games unlikely to boost Russian economy: Moody`s

Last Updated: Wednesday, February 5, 2014 - 14:59

Sochi: Hosting the Winter Olympics in Sochi at a reported cost of $50 billion is unlikely to provide much of a boost to the Russian economy, ratings agency Moody`s said in a report on Wednesday.

President Vladimir Putin has staged his personal and political prestige on hosting a successful Games and turning the Black Sea resort into a more attractive tourism destination.

"While the central government can comfortably accommodate its share of the cost, the reputational benefits of hosting the Olympics have been undercut by the high cost of the event and other bad publicity," Moody`s said.

It rated the Games a credit neutral for Russian debt.

Reuters

First Published: Wednesday, February 5, 2014 - 14:59

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