Fitch rates Ryazan Oblast B+

Fitch Ratings said it assigned B+ long-term foreign- and local-currency ratings, a B short-term rating and an A(rus) national long-term rating to the Russian Ryazan Oblast.

The outlook is stable.

The ratings reflect Ryazan Oblast's diversified and growing local economy, which provides stable tax revenue growth, its low public debt and the region's increasing reliance on its own revenues to fund expenditure, Fitch said.

However, the agency said, the ratings also take into account the region's declining operating and current margins, its growing budgetary rigidity and its low capital expenditure on the utility sector.

The region's total debt burden was moderate at an average 11.8% of total revenue in 2003 through 2005. Ryazan Oblast's debt servicing burden remained stable and very low during 2002 through 2005 at an average of 2.5% of current revenue, Fitch said.

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