Fitch revises Lipetsk outlook to stable

Fitch Ratings said it changed the Russian region of Lipetsk's long-term rating and national rating outlooks to stable from positive.

The ratings are affirmed at long-term foreign- and local-currency BB- and short-term B. The national long-term rating is affirmed at AA-(rus).

The agency said the change in outlook reflects the deterioration in the region's budgetary performance as a result of a revenue decline in its largest taxpayer, the Novolipetsk steel smelting plant, which is the single largest contributor to the regional budget and provides over 60% of tax revenue.

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