Fitch: Voronezh to positive

Fitch Ratings said it revised Russia's Voronezh region's outlook to positive from stable and affirmed its long-term foreign- and local-currency ratings at BB.

The agency also said it affirmed the region's national long-term rating at AA-(rus) and short-term foreign-currency rating at B.

The outlook revision reflects the expected consolidation of the region's sound budgetary performance, underpinned by the well-diversified local economy, moderate direct risk and sound self-financing capacity on capital expenditure, Fitch said.

The ratings also factor in the limited flexibility of the region's operating expenditure, the agency added.

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