S&P drops Samara Oblast to BB/ruAA

Standard & Poor's said it lowered its long-term issuer credit rating on Russia's Samara Oblast to BB from BB+.

The outlook remains negative.

At the same time, the agency lowered the Russia national scale rating to ruAA from ruAA+.

S&P said it lowered the assessment of the oblast's liquidity position to less than adequate because of the absence of the oblast's backup committed facilities with domestic banks, despite elevated refinancing needs. Management plans to reduce budget deficits very gradually, while unfavorable conditions in the Russian bond market are pushing up the oblast's interest payments and encouraging it to opt for short-term funding, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.