Fitch Affirms Russian City of Novosibirsk
OREANDA-NEWS. Fitch Ratings has affirmed the Russian City of Novosibirsk's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB' with Stable Outlooks and Short-Term Foreign Currency IDR at 'B'. The agency has also affirmed the city's National Long-Term Rating at 'AA-(rus)' with Stable Outlook.
Fitch has also affirmed Novosibirsk's senior unsecured debt at 'BB' and 'AA-(rus)' ratings.
The affirmation reflects Fitch's unchanged base line scenario that the city will continue to record a stable positive current balance and narrowing fiscal deficit, leading to direct risk stabilising at below 50% of current revenue.