S&P affirms Krasnoyarsk

Standard & Poor's said it affirmed the BB+ long-term issuer credit and ruAA+ Russia national scale ratings on Russian Krasnoyarsk krai.

The outlook is stable.

The 3 recovery rating on Krasnoyarsk krai's unsecured debt is unchanged.

The ratings reflect a view of the krai's revenue volatility stemming from significant taxpayer concentration and exposure to commodity markets, S&P said.

The krai also has low budgetary flexibility typical of Russian regions because of federal controls within a developing and unbalanced institutional framework and faces pressures from operating costs and infrastructure requirements, the agency said.

These weaknesses are partly offset by the krai's low debt burden, expected moderate budgetary performance and strong liquidity position, S&P said.

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