Fitch rates Noginsk CCC

Fitch Ratings said it assigned CCC long-term foreign- and local-currency ratings, a C short-term foreign-currency rating and a B+(rus) national long-term rating to the Noginsk Municipal Area of Moscow region.

The outlook is positive.

The agency said the ratings reflect the municipality's high dependence on the fiscal decisions of the Moscow region, the short-term profile of its outstanding debt and expected deterioration in the operating performance in 2009.

However, the ratings also factor in its proximity to the City of Moscow, satisfactory budgetary performance in 2005-2008 and low debt burden, Fitch said.

The positive outlook reflects Fitch's expectation that the municipal area will improve its debt maturity profile and address the refinancing peak in 2010.

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