Moody's upgrades Bashkortostan

Moody's Investors Service said it upgraded the global-scale foreign and local-currency issuer ratings of the Bashkortostan Republic in Russia to Baa3 from Ba1.

The outlook was changed to stable from positive.

Moody's said the rating upgrade was driven by three factors, namely the region's consistently strong liquidity position, strong operating balances and its low debt levels.

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