* % of annual expenditures of theconsolidated regional budget
Data source: calculations performed by theInstitute of Economies in Transition basing on the data provided by the RFState Statistics Committee
The economic growth, the unfailing debtservicing by the federal government, and the stable fiscal situation haveadvanced the international credit rating of the Russian Federation to the B+level of Standard & Poor's ratings scale and further boosted the credit ratings of thoseterritorial subjects of the Russian Federation that satisfy their financialobligations on time (Table 34).
The higher credit ratings serve to improvethe prospects of subnational authorities to raise loan reserves. However, oneshould bear in mind that the credit rating of the Russian Federation belongs tothe "speculative" rating category and has yet to regain its maximum level of1996-1997.
Execution of consolidated budgets ofterritorial subjects of the Russian Federation (%)
Budget revenues (thou. Rubles)
Ratio of loans to revenues
Ratio of interest payments to revenues
Ratio of balances of budget accounts to revenues
Ratio of budget surplus to revenues
Ratio of wage arrears due to lack of funding of territorialbudgets to revenues
Ratio of changed balances of budget accounts to budgetsurplus
Ratio of net loans to budget surplus
Ratio of property sales proceeds to budget surplus
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