S&P ups Tomsk

Standard & Poor's said it raised the long-term issuer credit ratings on Russian Tomsk Oblast to BB from BB-, along with its national scale rating on the oblast to ruAA from ruAA-.

The outlook is stable.

The recovery rating on the oblast's unsecured debt remains unchanged at 3.

The ratings reflect its limited financial flexibility and predictability, exacerbated by relatively large infrastructure needs and the dependence of its revenues on volatile commodity markets, S&P said.

Offsetting these factors is the oblast's demonstrated commitment to balance budgets, the agency said, along with its moderate debt level and significant support from the federal government.

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