S&P rates Samara Oblast bond BB+

Standard & Poor's said it assigned its BB+ long-term debt rating and ruAA+ Russia national scale rating to the amortizing senior unsecured bond of up to RUB 8.3 billion (about $270 million) to be issued by Russia's Samara Oblast.

The bond will have 28 quarterly fixed-rate coupons and an amortizing repayment schedule. In 2015, 20% of the bond is scheduled for redemption, a further 25% should be repaid in 2017, 35% in 2018, 15% in 2019 and the remaining 5% in 2020.

S&P said the ratings on Samara Oblast reflect its view of Russia's developing and unbalanced institutional framework, as well as Samara Oblast's limited budgetary flexibility and predictability, and low economic wealth compared with international peers'.

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