Nizhny Novgorod news

Fitch assigned B+ credit rating to Nizhny Novgorod region, outlook stable

International rating agency Fitch Ratings (London) has assigned to Nizhny Novgorod region long-term foreign and local currency rating "B+" and short-term rating "B", with stable outlook. According to Vice-Governor Vladimir Ivanov, this is the first credit rating of the region for the last ten years: "Higher credit ratings were assigned only to Moscow, St.-Petersburg, Tatarstan and Komi republics".

Fitch Ratings made an omnibus survey of the region for 5 years: gross regional product growth, share of own fiscal revenue, amount of capital investments, budget debt load and quality of budgetary management. The survey showed that in recent years Nizhny Novgorod region experiences economical growth, resulting in increased tax revenues, salaries and taxable income, with overall improvement of regional budgetary aspects.

"The assigned rating reflects the actual economic situation in the region and is expected to boost the investment activities, and, consequently, the capital inflow in our region" - said Vladimir Ivanov.