Fitch rates Belgorod debt BB

Fitch Ratings said it assigned BB long-term foreign- and local-currency issuer default ratings and an AA-(rus) long-term rating to the Oblast of Belgorod. The agency also assigned a BB long-term local-currency rating and an AA-(rus) national long-term rating to the region's senior debt. The outlook is stable.

The agency said the BB rating reflects the region's sound operating performance, moderate direct debt and strong, well-diversified economy.

The ratings also take into account exposure to contingent risk, the evolving institutional framework for Russian subnationals as well as the nationwide economic downturn, which could negatively influence the region's financials, Fitch said.

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