Moody's assigns Nizhniy Novgorod Ba2

Moody's Investors Service today assigned Ba2 global scale and local-currency issuer ratings to the Oblast of Nizhniy Novgorod.

The outlook is stable.

Moody's said the ratings are driven by good fiscal performance, in particular rapid tax revenue growth underpinned by sustained economic growth and a low debt burden.

They also reflect considerable challenges facing Nizhniy Novgorod Oblast, including significant infrastructure requirements, rapid growth of spending on public sector wages and social benefits, and limited revenue and spending flexibility, the agency said.

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