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Fitch rates Kazan bonds B+(EXP)
Fitch Ratings said it assigned the city of Kazan's upcoming issue of a RUB 2 billion 8¾% bond due December 2014 an expected long-term local-currency rating of B+(EXP) and expected national long-term rating of A(rus)(EXP).
The city is rated long-term foreign- and local-currency B+, short-term foreign-currency B and national long-term A(rus).
The principal will be amortized by 15% of the initial bond issue value on Dec. 19, 2011, by 40% on Dec. 17, 2012 and by another 15% on Dec. 16, 2013. The remaining 30% will be redeemed on Dec. 15, 2014.
The outlook on the long-term ratings is negative.
Proceeds will be used to refinance the maturing debt of the city.
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