Fitch rates Nizhniy Novgorod bond B+

Fitch Ratings said it assigned the Nizhniy Novgorod Region's upcoming RUB 5 billion domestic bond due Oct. 7, 2015 an expected long-term local-currency rating of B+ and national long-term rating of A(rus). The region's long-term foreign- and local-currency ratings are both B+, short-term foreign-currency rating of B and national long-term rating of A(rus).

The outlook is stable.

The bond has a fixed step-down coupon. The proceeds will be used to refinance maturing debt and to fund capital expenditure, Fitch said.

The rating is contingent upon the receipt of final documents, the agency said.

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