Fitch ups Sakha view to positive

Fitch Ratings said it revised the Russian Republic of Sakha (Yakutia)'s outlook to positive from stable and affirmed the region's long-term foreign- and local-currency ratings at BB, short-term foreign-currency rating at B and national long-term rating at AA-(rus).

The outlook revision reflects an expectation that Sakha will benefit from the improved economic environment in 2010 and over the medium term, Fitch said.

The ratings reflect its sound budgetary performance, low debt and improved liquidity position, the agency said.

The ratings also consider moderate concentration of the local economy in the prime resource extraction sector and its large broad public sector, Fitch added.

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