Fitch rates Sakha bond A(rus)

Fitch Ratings said it assigned the Republic of Sakha's forthcoming issue of a 2.5 billion in Russian ruble domestic bond with a maturity of seven years a national long-term A(rus) rating. Sakha's other ratings are long-term foreign- and local-currency B+, short-term foreign-currency B, national long-term A(rus).

The outlooks is stable.

The ratings reflect the republic's stable budget performance with a positive operating balance during 2001 through 2006, Fitch said. They also take into account its successful efforts in improving its debt structure and the increasing efficiency of its broad public sector management, the agency said.

The ratings also take into account the high dependence of the republic's economy and budgetary performance on extractive industries, the agency said and the slowdown of economic development due to the current mining output stagnation.

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