Fitch: Novosibirsk to positive

Fitch Ratings said it revised the Russian region of Novosibirsk's outlook to positive from stable and affirmed the region's long-term foreign- and local-currency ratings at BB.

The agency also said it affirmed the region's national long-term rating at AA-(rus) and short-term foreign-currency rating at B.

The outlook revision reflects Novosibirsk's sound budgetary performance, the rebound of its economy, which triggered a recovery in taxes and an expectation of continued improvement in the region's operating performance in 2011 to 2013, Fitch said.

The ratings also factor in the increased rigidity of the region's operating expenditure in 2010 and a level of capital expenditure that lags its peers in the BB rating category, the agency said.

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