Fitch lifts Orenburg view to positive

Fitch Ratings said it revised the outlook on Russia's Orenburg region to positive from stable and affirmed its 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.

This rating action also affects Orenburg Housing Mortgage Corp.'s domestic bond issue, which is guaranteed by the region and rated BB and AA-(rus), Fitch said.

The positive outlook reflects the region's improved budgetary performance, moderate direct risk and strong self-financing capacity on capital expenditure, the agency said.

The ratings also consider the local economy's concentration in the oil and gas sector and the region's moderate exposure to contingent risk, Fitch said.

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