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Russian City of Ufa 'BB-' Rating And 'ruAA-' Russia National Scale Rating Affirmed; Outlook Stable

October 20, 2014 Standard & Poor's
RATING ACTION
On Oct. 17, 2014, Standard & Poor's Ratings Services affirmed its 'BB-' long-term issuer credit rating on the Russian City of Ufa. The outlook is stable.

At the same time, Standard & Poor's affirmed our 'ruAA-' Russia national scale rating on Ufa.


RATIONALE
The ratings on Ufa, the administrative and economic center of the Republic of
Bashkortostan, reflect our view of Russia's volatile and unbalanced institutional framework, which results in Ufa's very weak budgetary flexibility. Due to these system constraints, and a lack of reliable long-term financial planning compared with international peers, Standard & Poor's views Ufa's financial management as weak in an international context, as it does for most Russian local and regional governments (LRGs). The city's weak economy and weak budgetary performance also constrain the ratings.

The view of Ufa's adequate liquidity, low debt, and low contingent liabilities support the ratings. The issuer credit rating on the city is equal to its stand-alone credit profile, which we assess at 'bb-'.
Company — Ufa
  • Full name
    Ufa (Bashkortostan republic)
  • Registration country
    Russia