S&P ups Khanty-Mansiysk to positive

Standard & Poor's said it revised its outlook on the Russian Autonomous Okrug of Khanty-Mansiysk (KMAO) to positive from stable following the okrug's improved liquidity position and better-than-expected financial performance.

At the same time, S&P affirmed its BB long-term foreign currency issuer credit and ruAA Russia national scale ratings on KMAO.

S&P said the ratings on KMAO remain constrained by the okrug's concentration in the oil industry, institutional uncertainty related to KMAO's revenues, and moderately high contingent liabilities. Such constraints are offset, however, by KMAO's substantial liquidity reserves, low debt, and high wealth levels. Furthermore, financial flexibility is above the Russian average owing to KMAO's relatively high quality infrastructure.

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