International rating agency Standard & Poor's raises the rating of the Krasnoyarsk Territory​

The international agency Standard & Poor's for the first time in recent years raised the credit rating of the Krasnoyarsk Territory - from 'BB-' to 'BB'. According to the agency's experts, the rating was upgraded due to the improvement of financial parameters and debt load indicators. The outlook is stable.

The published report of the agency says that an increase in revenues of the regional budget is forecasted. Experts assess the long-term prospects for the economy of the region as more favorable than those of other regions of the Russian Federation. Due to rich natural resources and a number of large industrial projects, significant economic growth is expected.

"We believe that in the next three years the region will show stronger performance due to a steady increase in incomes at a level higher than the rate of inflation, as well as through measures to consolidate the budget carried out by the regional government," the experts of Standard & Poor's write in their conclusion.

Commenting on the agency's report, Acting Deputy Chairman of the Krasnoyarsk Territory Government - the Minister of Finance of the Territory, Vladimir Bakhar noted that raising the rating of the Krasnoyarsk Territory is certainly a positive sign that reflects positive changes in the economic sphere of the region. "In future, we will continue following the course aimed at the improvement of financial and economic situation in the region and ensuring a balanced budget," said the Acting Deputy Chairman.