S&P ups Khanty-Mansiysk

Standard & Poor's said it raised its foreign currency long-term issuer credit rating on the Russian Autonomous Okrug of Khanty-Mansiysk to BB from BB-.

The outlook is stable.

At the same time, S&P affirmed its ruAA Russia national scale rating on the Okrug.

S&P said the upgrade reflects the Okrug's improved liquidity - with reserves as of Feb. 1 at 60% of expected 2005 operating expenditures - its high wealth levels, and improving revenue structure, which makes the Okrug less dependent on volatile oil prices.

The rating remains constrained, however, by the concentration in the oil industry, institutional uncertainty related to Khanty-Mansiysk's revenues, and moderately high contingent liabilities.

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