Fitch: Mari El Republic BB

Fitch Ratings said it assigned long-term foreign- and local-currency ratings of BB to Mari El Republic, along with a short-term foreign-currency rating of B and a national long-term rating of AA-(rus).

The outlook is stable.

The ratings reflect the republic's track record of sound budgetary performance, moderate direct risk and low contingent risk, Fitch said.

However, the ratings also factor in the small size of the region's economy with wealth indicators below the national average, the agency said.

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