S&P rates Novgorod Oblast B, ruA

Standard & Poor's said it assigned its B long-term issuer and ruA Russia national-scale ratings to Novgorod Oblast, one of 83 regions in the Russian Federation (foreign currency BBB+/negative/A-2; local currency A-/negative/A-2; Russia national-scale ruAAA).

The ratings reflect the oblast's concentrated economic base and lower wealth levels than the Russian average, weak budgetary performance on average, and an expected substantial increase in tax-supported debt, the agency said.

According to S&P, Novgorod Oblast's low direct debt service and the commitment of the oblast's new management to fostering long-term economic development and timely debt repayment support the ratings.

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