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Fitch ups Lipetsk to BB
Fitch Ratings said it upgraded the Russian Lipetsk region's long-term foreign- and local-currency ratings to BB from BB- and affirmed its short-term foreign-currency at B and national long-term rating at AA-.
The upgrade reflects the region's strong liquidity position and moderate debt burden, which is unlikely to increase over the medium-term, Fitch said.
The ratings also factor in the region's high tax concentration and the expected slowdown of the national economy, the agency added.
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