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Fitch rates Kazan B+
Fitch Ratings said it assigned the Russian city of Kazan long-term foreign- and local-currency ratings of B+, a short-term foreign-currency rating of B and a national long-term rating of A(rus). The action affects RUB 2.3 billion outstanding domestic bonds issued by the city.
The outlook is stable.
The ratings reflect expected increasing pressure on Kazan's budgetary performance in 2009, the short-term maturity profile of direct debt and increasing costs of borrowing, Fitch said.
The ratings also reflect the city's well-diversified local economy, moderate budget rigidity and potential support from Republic of Tatarstan, the agency said.
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