Fitch ups Yaroslavl

Fitch Ratings said it upgraded the Yaroslavl region's long-term foreign- and local-currency issuer default ratings to BB from BB-. The outlook is stable. The upgrade follows a re-assessment of the region's risk profile to low midrange from weaker.

Fitch said it re-assessed Yaroslavl's risk profile following the revision of the region's revenue robustness attribute to midrange from weaker.

“A combination of a strong regional economy in the Russian context and low concentration on volatile economic sectors supported our re-assessment of the attribute to midrange. This also reflects increasing stability of the region's revenue proceeds during the last four years and gradual improvement of the region's revenue-generating capacity following stabilization of the local economy. Yaroslavl's economy was strong in the Russian context with per capita GRP at 108% of the national median (2017). The economic profile of the region is diversified with a developed industrial sector, which leads to overall low volatility of tax proceeds,” said Fitch in a press release.

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