S&P trims Yamal-Nenets view

Standard & Poor's said it revised its outlook on Yamal-Nenets Autonomous Okrug (Yanao), a region located in the Russian Federation, to negative from stable. At the same time, S&P affirmed the BBB long-term issuer credit rating and the ruAAA Russia national scale rating.

S&P said it revised the outlook to negative because of what the agency sees as a weakening in Yanao's spending and liquidity policies, owing to a rapid expansion of the okrug's spending and recourse to short-term borrowings.

The ratings are supported by the okrug's high wealth indicators, strong financial performance, modest debt burden, and strong liquidity position that is underpinned by the okrug's contingency fund, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.