Moody’s upgrades Krasnodar

Moody’s Investors Service said it upgraded Krasnodar Krai’s issuer rating to Ba2 from Ba3 and changed the outlook to stable from positive.

Concurrently, the agency affirmed the long-term issuer and senior unsecured Ba2 ratings of Samara Oblast and Ba3 ratings of Nizhniy Novgorod Oblast. The outlooks remain positive.

“The rating upgrade of Krasnodar Krai reflects Moody’s expectation that Krai’s sound management of its finances will maintain modest debt levels and adequate operating performance, even though periods of revenue challenges like currently,” Moody’s said in a press release.

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