Fitch affirms Karelia

Fitch Ratings said it affirmed the Russian Republic of Karelia's long-term foreign- and local-currency ratings at BB-, national long-term rating at A+(rus) and its short-term foreign-currency rating at B.

The outlook is stable.

The affirmations reflect the gradual recovery of Karelia's budgetary performance after temporary deterioration during the 2009 economic downturn, manageable albeit increasing direct risk and low contingent liabilities, according to the agency.

Ratings also factor in Karelia's high refinancing risk and its tax concentration in the primary sector, which was badly affected by the economic downturn, the agency noted.

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