S&P lifts Krasnodar Krai

Standard & Poor's said it raised its long-term issuer credit ratings on the southern Russian region of Krasnodar Krai to BB- from B+.

At the same time, the Russian national-scale rating on the region was raised to ruAA- from ruA+. The outlook is stable.

The agency added that the rating actions reflect economic and revenue growth in Krasnodar and an expected federal infrastructure-financing program.

The ratings are constrained by Krasnodar's low financial flexibility, high infrastructure needs and relatively low wealth. Ratings are supported, however, by the region's well-diversified economy and tax base, good financial performance and low debt, S&P said.

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