• SELECT SITE CURRENCY
Select a currency for use throughout the site
Summary: Bashkortostan (Republic of)
Standard & Poors, May 2011
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 controls over revenues and expenditures and the evolving nature of interbudgetary relations. Furthermore, the major tax contributors to the regional budget are concentrated in the oil and oil-processing industry. The few largest oil-related taxpayers (and their subsidiaries) contributed about 20% of Bashkortostan's consolidated budget tax revenues in 2010, leaving the republic exposed to the policies...
Companies mentioned in this report are: Bashkortostan (Republic of)
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Bashkortostan (Republic of)