Fitch: Voronezh, bond BB

Fitch Ratings said it assigned Russia's Voronezh region a long-term foreign- and local-currency rating of BB, short-term foreign-currency rating of B and a national long-term rating of AA-(rus).

The outlook is stable.

The agency also said it assigned a long-term local-currency rating of BB and national long-term rating of AA-(rus) to the region's RUB 900 million outstanding domestic bond issues due June 25, 2012.

The ratings reflect the region's satisfactory budgetary performance, low debt burden and well-diversified economy, Fitch said.

The ratings consider its operating expenditure's high rigidity and reduced self-financing capacity on capital expenditure, the agency said.

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