Fitch rates Yaroslavl BB-

Fitch Ratings said it assigned the Russian Yaroslavl region long-term foreign- and local-currency ratings of BB-, a short-term foreign-currency rating of B and a national long-term rating of A+(rus). The action affects RUR6.3 billion outstanding domestic bonds issued by the region.

The outlook is stable.

The ratings take into account the Yaroslavl region's increased direct debt, high expenditure rigidity and revenue concentration on a small number of tax payers, Fitch said.

The ratings also factor in the region's improved budget performance in 2007 and the stable tax revenue generated by its industrial economy, the agency said.

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