S&P ups Yamal-Nenets view to positive

Standard & Poor's said it revised its outlook on the Russian Yamal-Nenets Autonomous Okrug to positive from stable on sustained strong performance, low debt and the expectation that the okrug will set and adhere to prudent medium-term financial targets. The agency also affirmed its BB+ long-term issuer credit rating and its ruAA+ Russia national-scale rating.

The ratings continue to be constrained by high concentration in the oil and gas sector, exacerbated by the dependence on a single taxpayer, OAO Gazprom (BBB with stable outlook), limited revenue predictability due to the evolving intergovernmental and tax systems and potential pressure on the expenditures side, S&P said.

These factors are mitigated by the okrug's strong financial performance, comfortable liquidity and low debt burden, which are all expected to be maintained in the medium term, the agency said.

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