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Fitch rates Krasnoyarsk bonds BB+
Fitch Ratings said it assigned a final BB+ long-term local-currency rating and a AA(rus) national long-term rating to the Krasnoyarsk Region's RUB 10.2 billion domestic bond issue due 2012. The region is rated long-term foreign- and local-currency BB+, short-term foreign-currency B and national long-term AA(rus).
The outlook is stable.
The proceeds will be used to finance the region's budget deficit.
The agency said the bonds have a fixed step-down quarterly coupon with an 11.64% initial rate, and the principal will be amortized by 30% of the initial bond issue value in November 2010, by another 30% in November 2011 and by 40% at maturity.
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