Fitch upgrades Kaluga

Fitch Ratings said it upgraded the Russian Kaluga region's long-term foreign- and local-currency ratings to BB from BB- and national long-term to AA-(rus) from A+(rus).

The outlook is stable.

The region's short-term foreign-currency rating was affirmed at B.

Fitch said the upgrade reflects the region's sound budgetary performance, underpinned by its rapid economic development, which supports the tax revenue increase and proactive budget management focused on the region's development.

Ratings also factor in the region's increasing total risk, including the liabilities of public sector entities, although its profile is long-term, the agency noted.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.