Fitch rates Kazan bond B+

Fitch Ratings said it assigned the City of Kazan's upcoming issue of a RUR2 billion domestic bond due December 2011 an expected long-term local-currency rating of B+ and expected national long-term rating of A(rus). The city has long-term foreign- and local-currency ratings of B+, short-term foreign-currency rating of B, and national long-term rating of A(rus).

The outlook is stable.

The bond issue has a fixed-rate coupon. The proceeds will be used to finance the region's budget deficit, the agency said.

The rating is contingent upon the receipt of final documents.

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