Standard & Poor’s improved Tomsk Region credit ratings for the second time in 2011
The international credit rating agency Standard & Poor's raised Tomsk Region's long-term credit rating to BB on the international scale and to ruAA on the national scale. The outlook has remained stable.
That is the second time Tomsk Region has its credit ratings raised in 2011. In June this year the ratings were already raised one step. The second increase reflects improved financial indicators of the Region budget, a balanced fiscal policy, and a conservative approach in budgeting for 2012-2014.
"Credit ratings are an independent and unbiased assessment of the region's credit capacity by international experts," says acting First Deputy Governor Aleksander Fedenev. "The positive dynamics of the ratings over the recent years surely indicates that Tomsk Region has chosen the right economic and financial strategy: Region budget revenues are increasing, debt load is going down, Tomsk Region becomes more attractive and safe for investors."
According to Aleksander Fedenev, improvement of the ratings encourages investors to come to Tomsk Region and the more investors come, the less money cost for the budget.
He also emphasized that "improvement of the ratings is especially indicative of the performance of the Region in the context of a worsening global economic situation and declining credit ratings of the world's leading countries, especially in the eurozone."