Fitch: Khanty-Mansyisk outlook negative

Fitch Ratings said it has affirmed Khanty-Mansyisk Autonomous Region's long-term foreign and local currency issuer default ratings at BBB, its short-term foreign currency issuer default rating at F3 and its national long-term rating at AAA(rus).

The outlooks are negative on the long-term issuer default ratings and stable on the national long-term rating.

The affirmation reflects Fitch's unchanged baseline scenario regarding an expected improvement in the region's operating performance in the medium term, its robust economy and low debt.

The agency said that the ratings also consider the concentration of the region's tax base in the oil and gas sector, wider than historically low deficit before debt variation and lower cash reserves.

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