Fitch rates Kemerovo BB-

Fitch Ratings said it assigned long-term foreign- and local-currency issuer default ratings of BB- to the Russian Kemerovo region, along with a short-term foreign-currency issuer default rating of B and national long-term rating of A+(rus).

The outlook is stable.

The agency also said it assigned a long-term local-currency rating of BB- and a national long-term rating of A+(rus) to the region’s senior unsecured debt.

The ratings reflect the region’s high direct risk relative to national peers, including some foreign-exchange exposure, Fitch said, and volatile budgetary performance with wide deficits and negative margins in 2013.

The ratings also consider the region’s strong, but concentrated local economy and low contingent risk, the agency said.

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