Fitch affirms Leningrad

Fitch Ratings said it affirmed the Russian Leningrad region's long-term foreign- and local-currency ratings at BB while affirming the region's short-term foreign-currency rating at B and national long-term rating at AA-(rus).

The outlook is stable.

The ratings reflect the region's sound budgetary performance, its capacity to self-finance capital expenditure and reduced indirect risk stemming from guarantees, Fitch said.

However, the ratings also take into account forecasts of lower tax revenue growth and increase in direct debt, due to a deteriorating regional economy, the agency said.

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