Fitch gives Kazan bond B+

Fitch Ratings said it assigned the City of Kazan's RUB 2 billion domestic bond due Dec. 2014 a final long-term local currency rating of B+ and a final national long-term rating of A(rus).

Kazan is rated long-term foreign- and local-currency B+, short-term foreign-currency B and national long-term A(rus), the agency said.

The outlooks on the long-term ratings are negative.

Fitch added that the proceeds from the bond issue will be used to refinance the maturing debt of the city.

The City of Kazan is the capital of the Tatarstan Republic (BBB-/stable/F3) and is located in central Russia.

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