S&P boosts Krasnodar Krai view to positive

Standard & Poor's said it revised its outlook on the Russian Krasnodar Krai to positive from stable.

At the same time, the B+ long-term issuer credit ratings on Krasnodar was affirmed, and the Russia national-scale rating on the Krai was raised to A+(ru) from A(ru).

S&P said the ratings actions reflect the rapid economic expansion in Krasnodar, which is resulting in strong revenue growth, as well as the Krai's commitment to keep debt at moderate levels in the next two to three years.

Nevertheless, the ratings on Krasnodar continue to be constrained by its relatively low wealth levels, its high infrastructure needs and its low financial flexibility, caused by the Krai's lack of control over its revenues, the agency added.

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