S&P ups Irkutsk Oblast

Standard & Poor's said that it raised the issuer credit ratings on Irkutsk Oblast to BB- from B+ and the national scale rating on the oblast to ruAA- from ruA+. The recovery rating on the debt remains unchanged at 3.

The outlook remains positive.

The ratings are based on the oblast's limited financial flexibility and predictability, moderately high contingent liabilities and its still-relatively-high, albeit decreasing, short-term debt, the agency said.

The positive outlook reflects the view that economic recovery and the oblast's strong commitment to curbing operating expenditure, ahead of the 2011-2012 Russian parliamentary and presidential elections, may help the oblast to reduce its contingent liabilities and increase necessary investments in infrastructure, without taking on excessive debt and burdening its budget, the agency added.

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