S&P affirms Vologda

Standard & Poor's said it affirmed its B+ long-term foreign currency issuer credit and A(ru) Russia national-scale ratings on Vologda Oblast.

The outlook is stable.

S&P said that the ratings reflect the volatility of Vologda's budget revenues due to the domination of one taxpayer, which is exposed to fluctuations in the global steel market.

The ratings are also constrained by the oblast's low financial predictability and flexibility, S&P noted, adding that these factors are mitigated by the oblast's low debt and good track record in timely and complete servicing of its debt obligations, relatively high revenues and decreasing contingent liabilities.

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