Fitch Downgrades Russian Republic of Karelia to 'B+'; Outlook Stable

April 17, 2015 8:22 PM

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(The following statement was released by the rating agency) MOSCOW, April 17 (Fitch) Fitch Ratings has downgraded the Republic of Karelia's Long-term foreign and local currency Issuer Default Ratings (IDRs) to 'B+' from 'BB-' and its National Long-term rating to 'A(rus)' from 'A+(rus)'.

The agency also affirmed the republic's Short-term foreign currency IDR at 'B'. The Outlook on the Long-term IDRs and National Long-term rating is Stable. Karelia's outstanding senior unsecured domestic bonds have also been downgraded to 'B+' from 'BB-' and to 'A(rus)' from 'A+(rus)'. KEY RATING DRI...

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