Fitch affirms Nizhniy Novgorod

Fitch Ratings said it affirmed the Russian region of Nizhniy Novgorod's long-term foreign-currency rating and long-term local-currency rating at BB- and affirmed the region's short-term foreign-currency rating at B and national long-term rating at A+(rus).

The outlook remains stable.

The affirmations reflect Nizhniy Novgorod's well-diversified economy, sound budgetary performance and moderate debt burden, Fitch said.

The ratings also factor in the region's expected direct debt increase and the slowdown of the national economy, which are likely to cause deterioration in the region's budgetary performance, the agency said.

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