S&P ups Irkutsk Oblast

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

The outlook is stable.

The ratings on the oblast are based on its limited financial flexibility and predictability and relatively high contingent liabilities and high infrastructure needs, the agency said. The oblast's creditworthiness is supported by a decrease in its debt.

Debt levels are likely to remain low over the medium term, due to consistently solid budgetary performance and a diverse economy, which has good long-term economic growth potential, the agency added.

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