Fitch Affirms Russian City of Izhevsk 'B+'; Outlook Stable

April 24, 2015 4:15 PM

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(The following statement was released by the rating agency) MOSCOW/MILAN/LONDON, April 24 (Fitch) Fitch Ratings has affirmed the Russian City of Izhevsk's Long-term foreign and local currency Issuer Default Ratings (IDRs) at 'B+' with Stable Outlooks and its Short-term foreign currency IDR at 'B'.

Its National Long-term rating has also been affirmed at 'A(rus)' with Stable Outlook. KEY RATING DRIVERS The ratings reflect the city's ongoing budget deficit and increasing dependence on transfers from the Udmurtia Republic (BB-/Negative/B), which are balanced by stable budgetary performance in lin...

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