Fitch affirms Khakassia

Fitch Ratings said it affirmed the Republic of Khakassia's long-term foreign- and local-currency ratings at BB-, short-term foreign-currency rating at B and national long-term rating at A+(rus).

The outlook is stable.

The affirmation reflects the republic's satisfactory budget performance, supported by swift economic growth and moderate direct risk, Fitch said.

The ratings also factor in the high taxpayer concentration and contingent liabilities stemming from its public sector, the agency said.

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