Fitch affirms Leningradskaya

Fitch Ratings said it has affirmed the Russian region Leningradskaya Oblast's long-term foreign and local currency B ratings and a short-term foreign currency B rating.

Its national long-term BBB rating is also affirmed.

All the long-term outlooks are stable.

Fitch said the ratings reflect a growing Leningradskaya Oblast local economy, led by the industrial sector. On the other hand, they take into account Leningradskaya Oblast's high expenditure rigidity, resulting from a high share of transfers to municipalities and social expenditure and low capital expenditure.

The stable outlook reflects Fitch's expectations that the economic dynamism in the region will provide for revenue growth and compensate for rising operating expenditure. Fitch expects the debt burden to remain moderate.

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