S&P: Irkutsk view to positive

Standard & Poor's said it revised the outlook on Irkutsk oblast to positive from stable based on the oblast's commitment to cost-containing measures amidst economic difficulties and conservative revenue planning. The agency also said it affirmed its long-term issuer credit rating at B.

The rating is constrained by the oblast's limited financial flexibility, high operating and capital-expenditure pressure, high contingent liabilities and still modest liquidity, the agency said.

The ratings are supported by the government's ability and willingness to take cost-containing measures to improve budgetary performance and lower the debt burden, as well as its diversified economy with long-term growth potential, S&P said.

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