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ACRA assigns BBB-(RU) to the Kaliningrad Region, outlook Stable

December 21, 2016
The credit rating assigned to the Kaliningrad Region (hereinafter — the Region) is determined by the influence of one procyclical industry on the regional economy, the tightness of the local market, and a heavy reliance of budget indicators on federal transfers.

Potential outlook or rating change factors:

The Stable outlook assumes that the rating will most likely stay unchanged within the 12 to 18-month horizon.

A positive rating action may be prompted by:

Diversification of the industrial output structure in the Region and reduction of its dependence on procyclical production;
Engineering infrastructure development aimed at replacement of obsolete fixed assets;
A change in debt structure in terms of building up proportion of longer debt;
An improvement of municipalities’ and public sector companies’ financial situation;
An increase in the budget liquidity level.

A negative rating action may be prompted by:

A significant curtailing of federal transfers that compensate for customs privileges granted to local producers;
A dramatic decline in the proportion of federal transfers spent on capital expenditures;
A debt portfolio growth while maintaining the current redemption schedule.
Company — Kaliningrad region
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