Fitch upgrades Komi

Fitch Ratings said it upgraded the Russian Republic of Komi's long-term foreign- and local-currency ratings to BB+ from BB and national long-term rating to AA(rus) from AA-(rus).

The outlook is stable.

The region's short-term foreign-currency rating was affirmed at B. The action also affects the region's outstanding domestic bonds of RUB 4.1 billion.

The upgrade reflects the expected improvement of the operating balance, underpinned by the region's strong economic profile and low direct risk, Fitch said.

The ratings also factor in high tax concentration to a few companies and dependence on the primary sector, the agency said.

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