Fitch upgrades Yaroslavl

Fitch Ratings said it upgraded the Russian Yaroslavl region's long-term foreign- and local-currency ratings to BB from BB- and national long-term rating to AA-(rus) from A+(rus).

The outlook is stable.

The region's short-term foreign-currency rating was affirmed at B.

The upgrade reflects the region's sound budgetary performance, underpinned by the economic recovery, supporting the tax revenue increase and its moderate debt by international standards, according to the agency.

Ratings also factor in the region's inflexible operating expenditure and the short-term profile of its debt, the agency noted.

The action also affects the region's outstanding domestic bonds of RUB 4.8 billion, the agency said.

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