Fitch gives Lipetsk bond BB/AA-(rus)

Fitch Ratings said it assigned the Russian Lipetsk Region's RUB 3 billion domestic bond issue due April 17, 2020 a final long-term local currency rating of BB and a final national long-term rating of AA-(rus).

The bond represents a senior and unsecured obligation of the Lipetsk Region. The region has long-term local and foreign currency ratings of BB and a national long-term rating of AA-(rus).

The long-term ratings have stable outlooks. The region's short-term foreign currency rating is B.

Fitch said it forecasts Lipetsk Region will maintain a satisfactory budgetary performance with an operating margin at about 8%-10% in 2013-2014 driven by continued economic growth. The agency said it expects the region's direct risk, including direct debt, to remain moderate at about 30% of current revenue in 2013.

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