Fitch affirms Krasnoyarsk

Fitch Ratings said it affirmed Russia's Krasnoyarsk region's long-term foreign- and local-currency ratings at BB+, short-term foreign-currency rating at B and national long-term rating at AA(rus).

The outlook is stable.

The action affects RUB 10.2 billion of the region's outstanding bonds.

The ratings reflect the region's exposure to volatile business cycles in the main industry of non-ferrous metallurgy, its tax concentration on a few companies and increased direct debt, Fitch said.

The ratings also consider its prudent fiscal management, increased support from the federal government in the form of current and capital transfers and sound liquidity position, the agency said.

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