Fitch affirms Penza region

Fitch Ratings said it affirmed Russian Penza region's long-term foreign- and local-currency rating at BB, short-term foreign-currency rating at B and national long-term rating at AA-(rus).

The outlook is stable.

The ratings reflect the region's low fiscal flexibility stemming from a small economy, the short-term profile of its outstanding debt and expected mild deterioration in its operating performance in 2009, Fitch said.

The ratings also factor in the region's sound budgetary performance over 2004-2008, increasing federal budget support, a low debt burden and the high quality of management, the agency said.

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