February 22, 2008 |
|MOSCOW (Standard & Poor's) Feb. 22, 2008--Standard & Poor's Ratings Services said today that it affirmed the 'ruA+' Russia national scale senior unsecured debt rating on the Russian ruble (RUR) 1.4 billion (about $57 million) domestic bond issued by the Tomsk Oblast (Russia national scale rating 'ruA+'). The amount of the bond has been increased by RUR1 billion from RUR400 million. The bond is amortizing, step-down, carries a fixed coupon, and will mature in 2012.|
The increase to the issue will be placed on March 12, 2008, with 25% of the principal to be repaid annually in 2010-2011 and another 50% in 2012.
"Proceeds from the bond will be used to refinance existing debt and to fund capital expenditures," said Standard & Poor's credit analyst Boris Kopeykin.
The rating on the bond is equalized with the national scale rating on the oblast.
The 'ruA+' Russia national scale rating on Russia's Tomsk Oblast reflects the region's exposure to a single taxpayer, unrated oil company Tomskneft; dependence on federal government decisions; expenditure pressures; and high debt service. These constraints are offset by our expectation of accelerated economic growth in the region, and by the oblast's growing revenues and sophisticated management.
Issue: Tomsk region, 34034
|Status||Country of risk||Maturity (option)||Amount||Issue ratings (M/S&P/F)|
Company: Tomsk region
|Full company name||Finance Department of the Tomsk Region|
|Country of risk||Russia|
|Country of registration||Russia|