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S&P: Russian Tomsk Oblast Increased RUR1.4 Bil Bond Due 2012 Affirmed At 'ruA+'

February 22, 2008 | Сbonds

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

StatusCountry of riskMaturity (option)AmountIssue ratings (M/S&P/F)
redeemedRussia12/17/20121,400,000,000 RUB-/BB-/-

Company: Tomsk region

Full company nameFinance Department of the Tomsk Region
Country of riskRussia
Country of registrationRussia


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