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Fitch rates Nizhniy Novgorod bonds B+
Fitch Ratings said it assigned the Russian region of Nizhniy Novgorod's RUB 8 billion domestic bond issue due Nov. 16, 2016 a long-term local-currency B+ rating and a national long-term A(rus) rating.
The region's long-term foreign- and local-currency ratings are B+ with a positive outlook.
The region has a short-term foreign-currency rating of B and a national long-term rating of A(rus) with a positive outlook.
The bond issue has a fixed-rate step-down coupon and amortization structure. The rate for the first coupon has been set at 9.95%.
Proceeds will be used to refinance maturing debt and to fund capital expenditure.
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