S&P: Vologda outlook negative

Standard & Poor's said it revised the outlook on Vologda Oblast to negative from stable and affirmed the BB- long-term issuer credit and ruAA- Russia national scale ratings.

"The ratings are constrained by the oblast's revenue volatility, which arises from a high concentration in the steelmaking industry, and a weakening budgetary performance, which might result in the accumulation of short-term debt and liquidity shortages," S&P analyst Karen Vartapetov said in a statement.

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