Moody's rates Kirov Ba3, Aa3.ru

Moody's Investors Service said it assigned an issuer rating of Ba3 (global-scale, local currency) to the Oblast of Kirov.

The outlook is stable.

At the same time, Moody's Interfax rating Agency, which is majority-owned by Moody's, said it assigned an Aa3.ru national-scale credit rating to the Oblast.

The ratings are driven by rapid tax revenue growth underpinned by a healthy and comparatively diversified economy and tax base and a low debt burden, the agency said.

At the same time, the ratings are constrained by (1) an inadequate tax base and low flexibility in tax revenue, (2) weak operating balances and (3) rapid growth in inflexible operating expenditure, coupled with significant infrastructure needs which are likely to result in an increase in the Oblast's debt, Moody's added.

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