Fitch ups Nizhniy Novgorod

Fitch Ratings said it upgraded the Nizhniy Novgorod Region's long-term foreign and local currency ratings to BB- from B+ and affirmed the region's short-term rating at B.

The agency said it has also upgraded the region's national long-term rating to A+(rus) from A(rus).

The outlooks on the long-term ratings are stable.

According to Fitch, the upgrade reflects the rebound of Nizhniy Novgorod's operating performance after a temporary sharp deterioration in 2009, as well as Fitch's expectation of a stable and sound operating performance of the region in 2012-2013.

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