Fitch lifts Krasnoyarsk

Fitch Ratings said it upgraded the Krasnoyarsk Region's long-term foreign- and local-currency ratings to BB+ from BB and national long-term rating to AA(rus) from AA-(rus). The short-term foreign-currency rating is affirmed at B.

The outlook is stable.

The agency said the upgrade reflects Krasnoyarsk's continuously strong economy, sound budgetary performance, strong liquidity position and zero direct debt.

The ratings also take into account the region's high tax concentration in few companies, exposure of the local economy to economic cycles and potential increase of contingent liabilities, and Fitch noted that the volatile economic situation in Russia could affect the region's budgetary performance, in turn leading to negative rating pressure.

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