Fitch ups Komi view to positive

Fitch Ratings said it changed the Republic of Komi's outlook to positive from stable. Its International long-term and short-term foreign currency ratings are affirmed at B+ and B, respectively.

Fitch has also assigned it a national long-term A(rus) rating with a positive outlook.

Fitch said the positive outlook reflects Komi's improved budgetary performance due to good economic growth in 2004 and Fitch's expectations that this trend, despite overall spending pressures, will continue. It takes into account the recovery of Komi's operating performance and its improved debt structure with foreign debt and federal loans being steadily replaced by cheaper and longer-maturity rouble bonds.

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