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Published on 5/19/2008 in the Prospect News Emerging Markets Daily.

Fitch rates Novosibirsk bond AA-(rus)

Fitch Ratings said it assigned the Novosibirsk region's issue of a RUR2 billion domestic bond a final national long-term rating of AA-(rus) rating.

The bond issue with a Dec. 24, 2010 maturity was placed in two tranches. The first tranche of RUR100 million was placed in December with a national long-term rating of A+(rus). The remaining RUR1.9 billion was placed in April, now rated with a national long-term rating at AA-(rus).

The bond issue has a fixed-rate step-down coupon and the principal will be amortized at 30% of the nominal value in December 2009. The remaining 70% will be repaid in December 2010, the agency said.


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