Moody's rates Khanty-Mansiysk bonds Baa3

Moody's Investors Service said it assigned a definitive Baa3 global scale local-currency rating to the okrug of Khanty-Mansiysk - Yugra's three ruble bond issues, each of RUB 2 billion, issued in December 2009.

Proceeds will be used to fund KhMAO's budget deficit and strengthen its liquidity position.

The agency also assigned definitive Aaa.ru national scale ratings to the bonds.

Moody's said ratings are supported by the region's strong tax base, high hydrocarbon reserves, low debt and relative budget flexibility.

Ratings are constrained by the high exposure of the region's tax revenue to global oil prices, as well as by the rigidity of the region's other budget revenues and considerable need to develop infrastructure, the agency noted.

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