Fitch ups Leningrad to BB

Fitch Ratings said it upgraded the Leningrad region's long-term foreign- and local-currency ratings to BB from B+, and the national long-term rating to AA-(rus) from A(rus).

The short-term foreign-currency rating is affirmed at B.

The outlook for the long-term ratings remains stable.

Fitch said the upgrade reflects the region's solid budgetary performance, underpinned by sound economic development, improved self-financing capacity of capital expenditure, lower direct debt and greater stability of the institutional framework of Russian regions.

Ratings also consider the increased indirect risk stemming from the guarantees issued by the region, the agency said.

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