S&P affirms Samara oblast

Standard & Poor's said it affirmed its BB+ long-term issuer credit rating and its ruAA+ Russia national scale rating on Russia's Samara oblast.

The outlook is stable.

S&P said the ratings reflect the agency's view of Russia's developing and unbalanced institutional framework, as well as Samara Oblast's limited budgetary flexibility and predictability, and low economic wealth compared with international peers'. A further constraint is the oblast's lack of reliable long-term financial planning.

The ratings are supported by S&P's expectation that the oblast will maintain modest debt and positive liquidity. Low contingent liabilities and moderately sound budgetary performance also support the ratings.

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