Standard & Poor's confirmed the credit rating of Tomsk Region

Rating Agency Standard & Poor's confirmed the credit rating of Tomsk Region as "BB-" on the international scale and "ruAA-" on the national scale, and the outlook as "Stable".

By 2016, analysts of the Agency expect Tomsk's financial indicators to improve and the debt load to stabilize at a moderate level of 40% of the budget income, due to the tax revenue recapture and increase in the inter-budget allocations from the federal budget.

'Confirmation of Tomsk Region's rating with the "Stable" outlook in the challenging economic situation gives us an opportunity to negotiate with credit providers for better conditions for rates and new loans maturity, says Deputy Governor of Tomsk, Head of Finance Department, Alexander Fedenev. It is essential for us, as this will allow for cutting the debt service expenses and extending the maturity period, whilst the budget funds will be redirected for solving the paramount problems.

Today's focus of Tomsk Region Administration is upgrading the efficiency of budget expenses. With this problem unsolved, we won't be able to ensure the balance and stability of the budget system and secure an adequate standard of living for Tomsk Region citizens'.

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• April
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