Fitch: Kazan view to positive

Fitch Ratings said it revised the city of Kazan's outlook to positive from negative and affirmed its long-term foreign- and local-currency ratings at B+ and national long-term rating at A(rus).

The agency also said it affirmed the city's short-term foreign-currency rating at B.

The outlook revision also affects Kazan's outstanding senior unsecured domestic bonds of RUB 900 million.

The outlook revision reflects the unexpected easing of the high refinancing pressure previously faced by the city for budget loans, Fitch said.

According to regulations adopted by the federal government and then by the Tatarstan Republic, the repayment of budget loans earmarked for preparation to Universiade 2013 was prolonged until 2032, the agency said.

The city's operating performance is expected to remain sound in 2013 with an operating balance close to 14% of operating revenue, Fitch added.

© 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.