On April 7, 2021, Russia's Analytical Credit Rating Agency (ACRA) affirmed the credit rating of Tver region at A-(RU), revising the outlook to positive, the rating agency informed.
The credit rating of Tver region (hereinafter, the Region) is based on its balanced budget policy and a predictable level of public debt without significant refinancing risks. The credit rating is constrained by the Region's moderate economic development indicators.
The change in outlook is due to a growth of liquidity reserves in 2020, which the Region finished with a surplus. The accumulated liquidity will allow the Region not to increase its debt load, considering that a deficit planned for 2021 will be financed with a partial use of balances. The change in outlook is also due to an increase in the share of capital expenditures as forecasted by the region.
The region is located in the Central Federal District (CFD). The region is home to almost 1% of the Russian population and generates 0.5% of Russia's total GRP. In 2019, the Region's GRP reached RUB 485 bln1. The region ranks second after Moscow in electricity produced among CFD regions, producing 17% of the total volume of electricity in the CFD in 2019.
