Fitch rates Smolensk B+

Fitch Ratings said it assigned the Smolensk region long-term foreign- and local-currency ratings of B+, a short-term foreign-currency rating of B and a national long-term rating of A-(rus).

The outlook for the long-term ratings is stable.

The ratings reflect the region's weak budgetary performance during the past four years, high refinancing risk stemming from the short-term nature of its debt and modest economy, the agency said.

The ratings also factor in the agency's expectation of a gradual improvement in the region's budgetary performance in 2012 to 2014, a moderate, albeit increasing level of direct risk and low contingent liabilities, Fitch said.

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