S&P lowers Tatarstan outlook to stable

Standard & Poor's said it revised its outlook on the Russian Republic of Tatarstan from stable to positive.

At the same time, the agency said that the BB- long-term issuer credit rating was affirmed.

The outlook revision reflects the republic's economic growth and continuously good financial performance after the termination of special federal program financing, S&P noted.

The rating continues to be constrained by Tatarstan's concentration in the oil sector, in particular on Tatneft OAO (not rated), contingent liabilities due to strong involvement in strategic sectors of the local economy and restricted budgetary predictability and flexibility due to federal control over revenues and expenditures, the agency added.

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