OREANDA-NEWS. September 19, 2011. Head of Karelia Andrei Nelidov met representatives of the international rating agency Fitch Ratings. Konstantin Anglichaninov and Behruz Himo have come to our republic to perform annual work on assigning Long-term financial ratings to Karelia.

Let us remind, that currently Karelia has Long-term local and foreign currency rating on the international scale at the 'BB-' level and its National Long-term rating is confirmed at 'A+(rus)'. The forecast on all ratings is 'Stable' that reflects the agency's expectations of gradual improvement of parameters of the economy and finance. The rating set by this recognised agency biases the image and business reputation of the republic for the better, enables additional mobilization of investments.

Upon analyzing statistics related to the first six months of this year at the meeting with Andrei Nelidov Konstantin Anglichaninov has mentioned essential progress in the republic's economic environment: "Analysts of the agency observe the obvious regenerative tendency in 2010 which also continues in 2011. Forecasts of economists convince us that the trend continues and it makes it possible to look at the current level of ratings with confidence." Moreover, Konstantin Anglichaninov has advanced an opinion that forecasts on ratings of the republic for 2012 may improve from 'Stable' to 'Positive'.

In turn, Andrei Nelidov has confirmed interest in independent assessment of work of the Government. "It has been a year since the current team has started to work, therefore, is interesting for us it to know the opinion of the rating agency which assesses our activity. It is extremely important for us to know your opinion," – Head of the republic has told at the meeting.

Representatives of the agency have made special mention of professional work of experts of the Ministry of Finance, Ministry of Economic Development and the Government of Karelia as a whole. The volume and quality of information materials allow the agency to cooperate fruitfully with the republic despite of essential requirement strengthening for the rating organizations caused by the global economic crisis.

Konstantin Anglichaninov has also pointed out another important trend that has begun to take shape in the economy of Karelia last year. Traditionally, the republic depended on parameters of the iron-and-steel industry, on work of the Karelian Iron-Ore Pellets enterprise to be specific. At present, groundwork is laid for diversification of the economy and establishment of new industries. The rating agency will take into account this work of the Government of the republic.

New ratings of Karelia will be announced by Fitch Ratings agency by the end of the year after precise analysis of all parameters.