Fitch rates Novosibirsk bond A+(rus)

Fitch Ratings said it assigned the Novosibirsk region's forthcoming issue of RUB2 billion domestic bond with a maturity of three years a national long-term rating of A+ (rus). The region has long-term foreign- and local-currency ratings of BB-, a short-term foreign-currency rating of B and national long-term rating of A+(rus).

The outlook is stable.

The rating reflects the region's diversified and growing local economy, which facilitates stable growth in tax revenue, its decreasing debt burden and growing reliance on its own revenues, Fitch said.

The rating also factors in increasing budgetary rigidity and relatively low capital expenditure, the agency said.

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