S&P: Yamal-Nenets view stable

Standard & Poor's said it revised the outlook on the Yamal-Nenets Autonomous Okrug to stable from positive and affirmed the BB+ long-term issuer credit and ruAA+ Russia national scale ratings.

Constraining the ratings, S&P said, are high concentrations in the hydrocarbon sector, especially dependence on its major taxpayer, OAO Gazprom (BBB/stable), and limited revenue predictability due to the evolving intergovernmental and tax systems.

The okrug's low debt, positive prospects in the strategically important gas sector and high wealth indicators mitigate the constraints, the agency said. Financial performance and liquidity further support the ratings.

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