S&P: Novosibirsk view stable

Standard & Poor's said it revised its outlook on the City of Novosibirsk to stable from negative. The agency also said it affirmed the BB- long-term issuer credit rating and ruAA- Russia national scale rating, along with BB-/ruAA- ratings on Novosibirsk's RUB 1.5 billion senior unsecured bonds, leaving the 3 recovery rating unchanged.

The outlook revision reflects Novosibirsk's reduced refinancing risk as a result of secured committed bank facilities as well as ongoing efforts to extend more of the city's debt maturities, S&P said.

The ratings are constrained by the city's low financial flexibility and predictability and some continued reliance on short-term debt, the agency said. These constraints are mitigated by moderate debt, improved access to bank facilities, fiscal discipline and a relatively diversified economy, S&P said.

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