Fitch affirms Republic of Tatarstan, Kazan, Chuvashia

Moscow. December 21. International rating Agency Fitch on Friday affirmed the long-term Issuer default ratings (IDR) of the Republic of Tatarstan and Chuvashia, as well as the city of Kazan, according to a press release of the Agency.

Rating of the Chuvash Republic was affirmed at “BB+/AA(rus)”, with “negative” Outlook. The Agency referred to the weakening, but still satisfactory budgetary performance of the region. Nevertheless, the Outlook reflects Fitch’s expectation that the economy of Chuvashia and debt indicators will undergo negative changes in the medium term.

IDR Tatarstan remains at the level “BBB-” with a negative Outlook, Kazan is at the level “BB-/A+(rus)” with “stable” Outlook. Fitch drew attention to the diversification of Tatarstan economy, strong operating balance, prudent budget management and moderate debt burden.

The rating actions also apply to outstanding bonds of these issuers.