Fitch rates Ivanovo BB-

Fitch Ratings said it assigned to Russia's Ivanovo region long-term foreign- and local-currency ratings of BB-, a short-term foreign-currency rating of B and a national long-term rating of A+(rus).

The outlook is stable.

The ratings reflect the relatively small size of its budget and the local economy with wealth indicators well below average, Fitch said, and the region's high refinancing risk.

The ratings also consider its moderate debt burden, albeit dominated by short-term bank-loans, the agency said, and volatile budget performance with an indication of gradual improvement in 2010 to 2011 following the economic recovery.

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