Fitch cuts Udmurtia

Fitch Ratings said it has downgraded Republic of Udmurtia's long-term foreign and local currency ratings to BB from BB+ and its national long-term rating to AA-(rus) from AA(rus).

The outlooks are stable.

The short-term foreign currency rating is affirmed at B, the agency said. Udmurtia's outstanding senior unsecured domestic bonds amounting to RUB 8.5 billion have also been downgraded to BB and AA-(rus).

The downgrade of the ratings reflects the expectation that the republic's budgetary performance will moderately recover in 2013 and the operating balance will be around 3%-4% of operating revenue in 2013-2014. However, this remains below the outturn of 2010-2011.

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