Fitch rates Leningradskaya Oblast

Fitch Ratings said it assigned Leningradskaya Oblast long-term foreign and local currency B ratings and a short-term B rating as well as a national long-term BBB(rus) rating.

The outlooks are stable.

Fitch noted the ratings reflect Leningradskaya Oblast's high expenditure rigidity, resulting from a high share of transfers to municipalities and social expenditure, as well as low capital expenditure.

They also take into account the growing local economy, led by the industrial sector, and improving debt structure that is characterized by low foreign exchange debt and interest burden, the agency said.

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