Fitch: Sverdlovsk bonds BB+

Fitch Ratings said it assigned long-term foreign- and local-currency issuer default ratings of BB+ to Russia's Sverdlovsk region, along with a short-term foreign-currency issuer default rating of B and national long-term rating of AA(rus).

The outlook is stable.

Fitch also said it assigned a long-term local-currency of BB+ to the region's outstanding senior unsecured bonds with a national long-term rating of AA(rus).

The ratings reflect Sverdlovsk's developed industrialized economy with above national median wealth metrics, moderate debt in line with BBB- national peers and satisfactory operating performance with an operating balance sufficient for interest payment coverage, the agency said.

These factors are balanced against weak debt coverage compared with median BB+ national peers, deteriorated national economic environment and weak institutional framework for Russian sub-nationals, Fitch said.

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