Fitch: Yaroslavl to positive

Fitch Ratings said it revised Russia's Yaroslavl region's outlook to positive from stable and affirmed its long-term foreign- and local-currency ratings at BB.

The agency also said it affirmed the region's national long-term rating at AA-(rus) and short-term foreign-currency rating at B.

The action also affects the region's outstanding and domestic bonds.

The positive outlook reflects the expected improvement in Yaroslavl region's debt-maturity profile leading to lessened refinancing risk and its sound budgetary performance, along with moderate debt by international standards, Fitch said.

The ratings also factor in the region's inflexible operating expenditure and moderate concentration of its tax base, the agency said.

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