1 Apr '09
Standard & Poor’s has downgraded Irkutsk Region’s long-term credit rating from “B+” to “B,” the agency reported today.
Also, a “stable” forecast has been revised to “negative,” the report said.
The rating has been downgraded because of high refinancing risks, the region’s financial rigidity, the current economic meltdown and growing liabilities, S&P’s Felix Eigel said.
This year Irkutsk Region has to spend on debt repayment 18% of its expected revenue, the report said. S&P also expects the region’s revenue to shrink 3-4% in 2009.