Siberia | Finance, business

S&P downgrades Irkutsk Region

1 Apr '09
Standard & Poors has downgraded Irkutsk Regions 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 regions financial rigidity, the current economic meltdown and growing liabilities, S&Ps 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 regions revenue to shrink 3-4% in 2009.
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Locations: Irkutskaya oblast

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