Fitch: Novosibirsk outlook stable

Fitch Ratings said it revised the outlook on Russia's Novosibirsk Region to stable from negative and affirmed its long-term foreign- and local-currency ratings at BB, short-term foreign-currency rating at B and national long-term rating at AA-(rus).

The agency said the outlook revision reflects the region's decreased direct debt, low contingent liabilities and better-than-expected budgetary performance in 2009. It also considers Fitch's expectation that Novosibirsk will be able to restore its budgetary performance in 2010 in line with the level of margins recorded in 2006-2008.

The ratings factor in the region's short-term debt profile and potential increase in guarantees, the agency said, and also reflect the region's prudent fiscal management and above-the-national-average socio-economic profile.

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