Fitch: Kazan view to negative

Fitch Ratings said it changed the Russian City of Kazan's outlook to negative from stable. Its long-term foreign- and local-currency ratings were affirmed at B+, short-term foreign-currency at B and national long-term rating at A(rus). The action affects RUB 1.6 billion of outstanding bonds.

The outlook revision reflects a concern about the city's growing direct risk, Fitch said.

The ratings reflect its well-diversified local economy and potential support from the Republic of Tatarstan, the agency said.

The ratings also take into account weakened budgetary performance in 2009, Fitch added.

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