Tomsk Region Ratings Confirmed at 'BB-' Level
The international rating agency S & P Global Ratings confirmed the long-term ratings of Tomsk Region at the level of "BB-", with a stable outlook.
According to the rating agency, in the next three years, Tomsk region will maintain average budget figures and adequate liquidity.
As the Deputy Governor, Head of the Finance Department of Tomsk Region, Alexander Fedenev, said, S & P Global Ratings credit ratings are the opinion of independent professionals about the level of credit risk when a region fulfills its financial obligations.
"The rating confirmation reflects the stock of financial stability of the regional budget. Last year, tax and non-tax revenues of the regional budget were fulfilled to the level of 2017 with a growth rate of 120%. The over fulfillment of planned appointments amounted to 2.9 billion rubles. This is the result of the systematic work of the regional administration in the Government of the Russian Federation, the Ministry of Finance of Russia, which was conducted throughout the year," —the vice-governor emphasized.
The deficit of the regional budget last year compared to 2017 was reduced by 8 times - to 0.7 billion rubles and amounted to 1.4% of tax and non-tax revenues. All excess earnings were used to repay loans from commercial banks, which allowed in 2018 to reduce the volume of public debt from the planned destination of 32.1 billion rubles to actual - 29 billion rubles. At the same time, the debt burden of the regional budget over the past year has decreased from 69% to 59%.