Russian Republic of Sakha Upgraded To 'BB+' And 'ruAA+' On Low Debt And Positive Liquidity; Outlook Stable Nov 12
- Language: English
- Published: November 2012
- Region: Russia
High investments, leading to expected revenue growth, and ongoing support from the federal government, resulting in a sound budgetary performance. Strong liquidity position, thanks to high cash reserves and a gradual debt maturity profile. Modest debt burden and likelihood of only gradual direct debt accumulation and modest guarantee issuance. Dependence on federal decisions regarding intergovernmental relations, expenditure responsibilities, and tax regimes under a developing and unbalanced system. Economic concentration and exposure to a single taxpayer. Remote location and severe weather conditions, leading to high operating and capital spending needs and contingent liabilities. The ratings on the Russian Republic of Sakha are based on Standard & Poor's Ratings Services' view of the republic's dependence on federal decisions regarding intergovernmental relations, expenditure...
Companies mentioned in this report are: Sakha (Republic of)
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Research Type: Full Analysis
Sakha (Republic of)