Fitch affirms Tatarstan

Fitch Ratings said it has affirmed the Russian Republic of Tatarstan's long-term foreign and local currency ratings at BBB- and the short-term foreign currency at F3.

The national long-term rating is affirmed at AA+(rus), the agency said.

The outlooks for the long-term foreign and local currency and national long-term ratings are stable, Fitch noted, stating that the ratings reflect Tatarstan's well-diversified economy, sound budgetary performance, prudent budget management and low direct debt.

However, the ratings also take into account expected deterioration in the republic's budget performance in 2009 and high level of contingent liabilities of the republic, Fitch added.

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