OREANDA-NEWS. Fitch Ratings has today assigned the Russian region Ryazan Oblast Long-term foreign and local currency 'B+' ratings and a Short-term 'B' rating. A National Long-term 'A(rus)' rating is also assigned. All the rating Outlooks are Stable.

The ratings reflect Ryazan Oblast's diversified and growing local economy, which provides stable tax revenue growth, its low public debt and the region's increasing reliance on its own revenues to fund expenditure.

However, they also take into account its declining operating and current margins, its growing budgetary rigidity and its low capital expenditure on the utility sector.