S&P ups Samara outlook to positive

Standard & Poor's said it revised its outlook on the Russian Samara Oblast to positive from stable due to sound financial results and low debt. At the same time, the BB- long-term foreign-currency issuer credit and ruAA- Russian national scale ratings on the oblast were affirmed.

S&P said the ratings reflect the oblast's sound financial performance, low debt and sound liquidity. At the end of 2005, direct debt totaled 8% of operating revenues and cash reserves totaled almost 200% of total debt.

Continued, although decreasing, dependence on its largest taxpayers, constrains the ratings, the agency said. Other constraining factors include federal control over revenues and disputes regarding guarantees provided by the oblast.

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