Fitch upgrades Yakutia

Fitch Ratings said it upgraded the Russian Republic of Sakha (Yakutia)'s long-term foreign- and local-currency ratings to BB+ from BB and national long-term to AA(rus) from AA-(rus).

The outlook is positive.

The region's short-term foreign-currency rating also was affirmed at B. The action also affects the region's outstanding domestic bonds, Fitch said.

The upgrade reflects the region's sound budgetary performance, low level of debt and diversifying economy, the agency said.

Restored demand for primary resources, particularly diamonds, positively affected the region's economy in 2010, Fitch said.

Rapid development of oil and gas projects improved and diversified the region's tax base, the agency added.

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