S&P rates Omsk

Standard & Poor's said it assigned its B long-term credit rating to the Russian City of Omsk, the administrative center of the Omsk Oblast (not rated) located in Western Siberia.

The outlook is stable.

At the same time, S&P said it assigned its BBB+(ru) Russia national-scale rating to the city.

S&P noted that the ratings are constrained by the city's poor debt profile, which has a prevalence of short-term debt, weak, although improving, budgetary performance, limited financial flexibility and predictability and moderately low liquidity.

These risks are partially mitigated by the city's commitment to gradual improvement of its financial indicators and debt structure, backed by additional financial support from the Omsk Oblast and higher-than-average industrial output growth, the agency added.

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