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Fitch: Krasnodar bond BB+
Fitch Ratings said it has assigned Krasnodar Region's RUB 5.6 billion domestic bond issue due Nov. 9, 2017 a long-term local currency rating of BB+ and a national long-term rating of AA(rus).
The region has long-term local and foreign currency ratings of BB+ and a national long-term rating of AA(rus), the agency said.
The long-term ratings have stable outlooks.
The issuer's short-term foreign currency rating is B, Fitch added.
The bond issue has fixed-rate step-down coupons. The initial coupon was set at 8.95% on Nov. 15.
The proceeds from the bond issue will be used to refinance maturing debt and to fund the region's capital expenditure, according to the agency.
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