Fitch affirms Khakassia

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

The outlook is stable.

The ratings reflect the modest scale of the republic's economy, its high taxpayer concentration and contingent liabilities stemming from public sector enterprises, Fitch said.

The ratings also factor in the republic's satisfactory budget performance and modest direct risk, the agency said.

The republic has a modest economy, with per capita gross regional product equal to 54% of the national average in 2009, Fitch added.

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