Fitch ups Novosibirsk to BB

Fitch Ratings said it upgraded Novosibirsk region's long-term foreign- and local-currency ratings to BB from BB-, national long-term rating to AA-(rus) from A+(rus), and affirmed its short-term foreign-currency rating at B.

The outlook remains stable.

The upgrade reflects the region's strengthening budgetary performance, decreasing debt burden and improving debt structure, Fitch said.

The ratings also factor in its high budget rigidity and low capital spending, the agency said.

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