S&P rates Nizhny Novgorod

Standard & Poor's said it assigned its BB- long-term and ruAA- Russia national-scale issuer credit ratings to the Russian City of Nizhny Novgorod.

The outlook is stable.

The ratings on the city, the administrative center of Nizhny Novgorod Oblast (not rated), located in the Volga region of The Russian Federation (foreign currency BBB+/stable/A-2, local currency A-/stable/A-2, Russia national-scale ruAAA), reflect its low financial flexibility and predictability and high infrastructure needs, the agency noted.

Conversely, a strong commitment to keep the city's debt at low level, strong liquidity, stable sound budgetary performance and growing economy support the ratings, S&P said.

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