Fitch rates Sakha local-currency B+

Fitch Ratings said it assigned a B+ long-term local-currency rating to the Republic of Sakha (Yakutia) and affirmed the republic's long-term foreign-currency rating at B+, short-term foreign-currency rating at B and national long-term rating at A(rus).

The outlook is stable.

The agency said the ratings reflect the republic's continuously improving debt structure and the increasing efficiency of its broad public sector management.

However, the ratings also factor in its high budgetary rigidity and dependence on a single taxpayer, Alrosa diamond mining company, which results in its budget performance being vulnerable to commodity price fluctuations, Fitch said.

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