Fitch affirms Penza

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

The outlook for the long-term ratings is stable.

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

Ratings also factor in expected recovery of budget performance in 2010, a low debt burden and prudent budget management, the agency noted.

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