Fitch: Ivanovo to negative

Fitch Ratings said it revised Russia's Ivanovo Region's outlook to negative from stable.

Fitch also said it affirmed the region's long-term foreign- and local-currency rating at BB-, short-term foreign-currency rating at B and national long-term rating at A+(rus).

The outlook revision reflects concern over the region's weak operating performance, poor debt coverage and the local economy's small size with wealth indicators well below average, Fitch said.

The ratings also consider the still moderate - albeit growing - direct debt and moderate refinancing risk as a result of improving debt management and sound liquidity, the agency said.

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