Fitch assigns Tatarstan long-term BB

Fitch Ratings said it assigned the Republic of Tatarstan ratings of international long-term foreign and local currency BB with stable outlook and short-term B. Fitch has also assigned it a national long-term AA(rus) rating with a stable outlook.

Fitch said the ratings reflect the republic's sound and improving budgetary performance based on sustainable growth of the regional economy, tight control over operating expenditure as well as low level debt.

They also reflect the republic's growing dependence on its own revenue sources that are concentrated in oil and petrochemical industries, increased social expenditure pressure as a result of social benefits system reform and forecast of increased contingent liabilities from guarantees to be issued.

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