Fitch lowers Krasnoyarsk view to negative

Fitch Ratings said it revised the Russian Krasnoyarsk region's outlook to negative from stable and affirmed its long-term foreign- and local-currency issuer default ratings at BB+.

The agency also said it affirmed the region’s short-term foreign-currency issuer default rating at B and national long-term rating at AA(rus), along with its outstanding senior unsecured domestic bonds at BB+ and AA(rus).

The outlook revision reflects a changed baseline view regarding the region’s fiscal performance over the medium term, Fitch said.

The agency said it no longer expects a recovery of the region’s key credit metrics in 2015 to 2017.

Krasnoyarsk region’s fiscal performance is likely to be negatively affected by Russia’s prolonged economic slowdown, Fitch added.

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