S&P raises Irkutsk

Standard & Poor's said it raised its foreign currency long-term issuer credit rating on the Irkutsk Oblast in eastern Siberia, in the Russian Federation (foreign currency, BBB-/stable/A-3, local currency, BBB/stable/A-3) to B+ from B, on continuing revenue growth.

The outlook is stable.

S&P said the rating on Irkutsk reflects its moderate debt levels and long-term economic growth potential.

It is constrained, however, by a high level of municipal payables, federal controls over revenues and expenditures and growing expenditure pressures, the agency noted.

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