S&P: Omsk on watch

Standard & Poor's said it placed its B long-term issuer and ruBBB+ Russia national-scale ratings on the Russian City of Omsk on Creditwatch with negative implications, due to the rising refinancing risks under worsening credit market conditions and the city's high amount of short-term debt to be repaid by the end of 2008.

The ratings are constrained by the city's poor debt profile, weak budgetary performance, low liquidity, and limited financial flexibility and predictability, the agency said.

According to S&P, these risks are partly mitigated by the city's rapid revenue growth, co-financing of transport infrastructure projects from the oblast budget, and solid industrial development.

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