MOSCOW/LONDON, October 28 (Fitch) Fitch Ratings has affirmed
Region's Long-term foreign and local currency ratings at 'BB',
Outlooks, and its Short-term foreign currency rating at 'B'. The
agency has also
affirmed the region's National Long-term rating at 'AA-(rus)'
The rating action also affects Lipetsk Region's senior unsecured
with outstanding amount of RUB5bn (ISINs RU000A0JS8T1,
KEY RATING DRIVERS
The affirmation reflects Lipetsk's satisfactory operating
albeit increasing, direct risk and prudent financial management.
also factor in the high concentration of the local economy and
pressure on operating expenditure.
Fitch forecasts further growth of direct risk in 2013 due to the
need to finance
an expenditure-driven deficit. Direct risk will, however, remain
around 40% of current revenue in 2013 (2012: 30.5%).International Local and Regional Governments Rating CriteriaAdditional Disclosure
Solicitation StatusALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND
PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS
here. IN ADDITION,
ON THE AGENCY'S
PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS,
METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S
CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE
AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE
FROM THE 'CODE OF
CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER
SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES.
DETAILS OF THIS
SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN
ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER
ON THE FITCH