Fitch affirms Kazan

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

The outlook on the long-term ratings is negative.

The outlook reflects the agency's ongoing concern about the city's high, short-term refinancing risk as the city needs to payback about RUB 10 billion by the end of 2012, according to the agency.

The ratings also consider the city's high direct risk, the improving budgetary performance, well-diversified local economy and potential support from the Republic of Tatarstan (BBB-/stable/F3), the agency said.

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