Fitch upgrades Khakassia

Fitch Ratings said it upgraded the Republic of Khakassia's long-term foreign and local currency ratings to BB from BB- with stable outlooks and affirmed its short-term foreign currency rating at B.

The agency also upgraded the region's national long-term rating to AA-(rus) from A+(rus) with a stable outlook.

Fitch said the upgrades reflect the republic's improved budgetary performance, narrowed deficit, moderate debt and reduced refinancing risk due to prolonged maturity of the region's debt portfolio.

The ratings also factor in the high taxpayer concentration and modest scale of the local economy, the agency said.

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