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Bashkortostan (Republic of)
Standard & Poors, May 2011
Abstract
Low debt. High cash reserves that far exceed debt. Prudent financial policies. Low budget predictability and limited flexibility, owing to federal controls. Concentrated nature of economy, with a few major taxpayers in the oil and oil-processing industry providing about 20% of consolidated tax revenues. High operating and capital-expenditure pressures. Low wealth in an international context. The ratings on the Russian Republic of Bashkortostan are constrained by the republic's low budget predictability and limited flexibility, owing to federal controls; the economy's concentration in the oil-processing industry; long-term expenditure pressures; and low wealth in an international context. In our view, Bashkortostan's low debt, strong liquidity, and prudent financial policies mitigate these constraints. The predictability of Bashkortostan's financial position remains constrained by federal...
Companies mentioned in this report are: Bashkortostan (Republic of)
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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