Fitch: Volgograd bonds BB-

Fitch Ratings said it assigned long-term foreign- and local-currency ratings of BB- to Russia's Volgograd region, along with a short-term foreign-currency rating of B and national long-term rating of A+(rus).

The outlook is stable.

The agency also said it assigned a long-term local-currency rating of BB- to the region's three outstanding domestic bond issues totaling RUB 9.4 billion, along with a national long-term rating of A+(rus).

The ratings reflect the developed local economy, moderate debt burden with low immediate refinancing risk and the likely improvement in operating performance in 2012, Fitch said.

The ratings also factor in the region's relatively weak and volatile operating performance and continuous budget deficit recorded during the past three years, the agency said.

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