S&P affirms Irkutsk

Standard & Poor's said it affirmed its B+ long-term foreign currency issuer credit rating on the Irkutsk Oblast following stable performance in 2005-2006.

The outlook is stable.

S&P said that the rating on Irkutsk Oblast, located in the Russian Federation (foreign currency BBB+/stable/A-2, local currency A-/stable/A-2, Russia national-scale ruAAA), is constrained by high municipal payables, federal controls over revenues and expenditures and growing expenditure pressures.

The oblast's credit quality is supported by growing revenues, moderate debt and long-term economic growth potential, the agency added.

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