Fitch Ratings 2 June 2017 affirmed the long-term Issuer default rating of the Republic of Bashkortostan in foreign and national currency at level “BBB-” and short-term IDR in foreign currency “F3”, according to a press release from the Agency. The Outlook on the long-term IDR – “stable”.
The rating of priority unsecured bonds of Bashkortostan in circulation in the domestic market, confirmed at level “BBB-“.
“The’ BBB – ‘ rating reflects a high level of implementation of the budget of the Republic, which is supported by a diversified economy, low direct risk (direct debt plus other debt according to the classification of the Agency) and strong liquidity. The ratings also take into account the weak institutional environment for Russian subnational entities,” notes Fitch.