OREANDA-NEWS. Fitch Ratings has today assigned the Russian Novosibirsk region Long-term foreign and local currency "BB-" (BB minus) ratings and a Short-term foreign currency "B" rating.

A National Long-term "A+(rus)" rating is also assigned. All the rating Outlooks are Stable.

The ratings reflect the region's growing budgetary rigidity and relatively low capital expenditure. They also reflect its diversified and growing local economy, which facilitates stable growth in tax revenue, its decreasing debt burden and growing reliance on its own revenues.

The Stable Outlook reflects Fitch's expectation that economic growth will drive revenue growth, allowing the region to strengthen budgetary performance and increase capital investment in deteriorating infrastructure.