Fitch rates Penza BB

Fitch Ratings said it assigned BB long-term foreign- and local-currency ratings, a B short-term foreign-currency rating and an AA-(rus) national long-term rating to Russia's Penza Region. The outlooks for the long-term ratings are stable.

The agency said the ratings reflect the region's sound operating performance and moderate, albeit increasing, direct risks, which are all expected to be maintained in 2012-2014.

However, the ratings also factor in the expected massive capital expenditure in 2012 leading to a debt increase and the region's low fiscal flexibility stemming from its small economy, Fitch said.

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