S&P ups Tomsk view to positive

Standard & Poor's said it revised its outlook on Tomsk Oblast to positive from stable.

The agency also said it affirmed the long-term issuer credit ratings at B- and the Russia national scale rating at ruBBB.

The outlook revision reflects reduced refinancing risk as a result of larger-than-expected budget loans from the Russian federal government and the oblast's tight financial policy, which has resulted in an improved budgetary

performance, S&P said.

The ratings reflect a view of Tomsk's still significant exposure to refinancing risk, inadequate liquidity, limited financial flexibility and dependence on volatile commodity markets, the agency said.

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