Uncertainty over the long-term legacy overshadows the benefits of hosting the Winter Olympics in Sochi, ratings agency Moody's said in a report on Wednesday.

"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.

Putin has promised the vast sums spent on Sochi would turn the Black Sea resort into an attractive tourism destination and give the Krasnodar region around it a lift.

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