S&P ups Vologda Oblast to B+, ruA

Standard & Poor's said it raised its long-term foreign currency issuer credit rating on the Russian Vologda Oblast to B+ from B. At the same time, S&P raised the Russia national scale rating on the Oblast to ruA from ruA-. The outlook is stable.

S&P said the rating action reflects Vologda Oblast's improved liquidity and strengthened policy toward hedging volatility risks, in addition to its sound financial performance and low debt.

The ratings are constrained, meanwhile, by the strong concentration of the Oblast's economy and tax base, its low revenue flexibility and predictability and high infrastructure needs, according to S&P.

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