OREANDA-NEWS. December 21, 2010. Fitch has improved the outlook on Kaluga Region’s credit ratings from stable to positive. The region’s long-term FX and national-currency rating has been affirmed at BB-, the short-term FX rating has been confirmed at B, the short-term national-currency rating at Aplus (rus).

“Fitch expects Kaluga Region to benefit greatly from the quick economic development, increase in tax proceeds and more flexibility in debt refinancing. These expectations were reflected in our rating action”, the agency said. “The current ratings allow for the region’s strong budget numbers, bound to recover after a slight decline in 2009”. Fitch noted Kaluga Region could see its ratings be upgraded if it shows stronger budget performances and stabilized debt-related risks.