Fitch ups Noginsk

Fitch Ratings said it upgraded the Noginsk Municipal District of Moscow region's long-term foreign- and local-currency ratings to B- from CCC, short-term foreign-currency rating to B from C and national long-term rating to BB-(rus) from B+(rus).

The outlook is stable.

The upgrade reflects the district's reduced refinancing risk, following successful repayment of debt peaks in the second half of 2009 and the first half of 2010, the agency said, and its diverse economy, which has benefited from the improved national economic environment and its close proximity to Moscow.

The ratings also consider the district's fiscal dependence on the Moscow region and its weaker operating performance in 2009, Fitch said.

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