S&P affirms Yanao

Standard & Poor's said it affirmed the BBB long-term issuer credit and ruAAA Russia national scale ratings on Yamal-Nenets Autonomous Okrug (Yanao) located in the Russian Federation.

The outlook is stable.

The ratings are supported by the okrug's contingency fund, an exceptionally strong liquidity position, a zero or very modest debt burden, a robust financial performance and high wealth indicators, S&P said.

The factors that constrain the ratings include the okrug's high dependence on its major taxpayer, OAO Gazprom, along with its limited revenue predictability and uncertainties about its institutional status, the agency said.

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