Fitch affirms Kirov region

Fitch Ratings said it affirmed the Russian Kirov region's long-term foreign- and local-currency B ratings and short-term foreign-currency B rating, along with its national long-term BBB(rus) rating.

The outlook is stable.

The ratings reflect the region's weak budgetary performance and high budgetary rigidity stemming from significant financial support of municipalities and social items, Fitch said.

They also reflect the potential economic growth stimulus from the development of the local industrial sector, improved operating and current margins and low debt burden of the regional budget, the agency added. Fitch said it expects the debt burden to remain moderate.

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