Fitch affirms, ups Kirov

Fitch Ratings said it affirmed Kirov's long-term foreign- and local-currency ratings at B, and affirmed the short-term foreign-currency rating at B.

The agency upgraded the national long-term rating to BBB+(rus) from BBB(rus).

The outlook for the long-term ratings is stable.

The upgrade reflects the region's improved budgetary performance in 2006 to 2008 relative to national peers and continued support over the medium term from the federal government in the form of transfers and budget loans, according to the agency.

Ratings also factor in the region's weaker-than-national average economic profile and an expected increase in the region's debt and a deterioration in its 2009 budget performance due to the national economic downturn, Fitch said.

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