Fitch rates Krasnodar BB, B

Fitch Ratings said it assigned the Russian Krasnodar region long-term foreign- and local-currency BB ratings and a short-term foreign-currency B rating, along with a national long-term rating of AA- (rus).

The outlook is stable.

The ratings reflect the region's well-diversified and growing economy, stable growth in tax revenue, strong budgetary performance and low debt burden, Fitch said.

However, the ratings also factor in an extensive public sector, which includes public companies and the region's shareholdings in private companies, increasing rigidity of budget expenditure and a short track record of stable institutional frameworks of Russian regions in general, the agency said.

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