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Analysts

Boris Kopeikin
7 (495) 783-40-62
boris_kopeykin@standardandpoors.com

Alexandra Balod
7 (495) 783-40-96
alexandra_balod@standardandpoors.com

Moscow
PublicFinanceEurope@standardandpoors.com

Issuer Credit Rating
BB/Stable/--
Russia National Scale Rating
ruAA/--/--

Major Rating Factors

Strengths:

  • Modest debt levels.
  • Expected continuation of prudent financial and debt management, supporting liquidity.

Weaknesses:

  • High dependence on a single taxpayer.
  • Resulting high volatility in revenues and financial performance.
  • Low financial flexibility in the developing and unbalanced system of intergovernmental relations in Russia.

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