S&P upgrades Khanty-Mansiysk

Standard & Poor's said it raised the Russian Khanty-Mansiysk Autonomous Okrug's long-term foreign currency issuer credit rating to BB+ from BB and its Russia national scale rating to ruAA+ from ruAA. The outlook is positive.

S&P said the upgrade reflects the okrug's strong liquidity position, better-than-expected financial performance and its above-average financial flexibility, which the agency attributed to the okrug's high-quality infrastructure and very high per capita capital expenditures.

The ratings on Khanty-Mansiysk remain constrained by its concentration in the oil industry, remaining institutional uncertainty related to its status and moderate contingent liabilities, the agency said.

Such constraints are offset by the okrug's high wealth levels, substantial liquidity reserves and low debt, which was below 2% of operating revenues at the end of 2005 and is not expected by S&P to increase.

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