Fitch rates Kemerovo BB-

Fitch Ratings said it assigned the Russian Kemerovo region long-term foreign- and local-currency ratings of BB- and a short-term foreign-currency rating of B, along with a national long-term rating of A+(rus).

The outlook is stable.

The ratings reflect sound budget performance, low debt burden and stable growth in tax revenue underpinned by a strong local economy, with a broad industrial base and large natural resource endowment, Fitch said.

They also reflect the region's relatively high tax revenue concentration and growing budgetary rigidity, the agency said.

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