10:28 GMT +323 March 2018
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    MOSCOW, MARCH 12. /RIA NOVOSTI / -- The international rating agency Standard&Poor's has upped the long-term credit rating of the Samara region (in the middle Volga reaches) on foreign currency obligations from B+ to BB-, seeing the forecast of rating change as "stable" and confirming the ruAA- rating on the national scale, the agency reports in a press release.

    "The rating reflects the on-going economic growth and the diversification increase in the region, the higher than expected financial indicators and the lowering of currency risks", the Standard&Poor's credit analyst Boris Kopeikin noted. "The high, though decreasing, dependence of the region's largest tax-payer Avtovaz Co. (manufacturing LADA cars popular in many countries), the federation's profit control and the high level of safeguards are still a limitation for the rating levels".

    The region's relative wealth and the qualification of the administration, which is higher than the average in Russia, continue to keep up the level of ratings.

    The on-going economic diversification and economic growth, Standard&Poor's believes, will promote the lowering of volatility of the region's profit base. This will help the region oppose financial pressure from the growth of wages in the public sector and requirements in the infrastructure development without the built-up of debts above the manageable level of 30 percent of the profit. Also in expectation is the stabilisation of the region's financial indicators with high operation balances and small deficits following capital expenditures.

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