Fitch ups Sakha to BB

Fitch Ratings said it upgraded the Republic of Sakha (Yakutia)s long-term foreign- and local-currency ratings to BB from BB- and national long-term rating to AA-(rus) from A+(rus). The short-term foreign-currency rating is affirmed at B.

The outlook remains stable.

The action affects RUR9.5 billion of bonds issued by the region. The upgrade reflects the republic's improved budget performance, optimized structure of direct debt and greater clarity of the budget revenue, Fitch said.

The ratings also factor in a large public sector, increased contingent liabilities and dependence on diamond mining company, Alrosa, the agency said.

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