Moody's takes rating actions on Russian sub-sovereigns

Moody's Investors Service said it took rating action on several Russian issuers following its confirmation of Russia's sovereign bond rating at Baa1 with a negative outlook.

The agency confirmed the following ratings with negative outlooks, concluding the review that began on April 1:

• The foreign- and local-currency issuer ratings and foreign-currency senior rating of the City of Moscow at Baa1;

• The foreign- and local-currency issuer ratings and local-currency senior rating of the City of St. Petersburg at Baa1;

• The foreign- and local-currency issuer ratings of SUE Vodokanal of St. Petersburg at Baa2;

• The senior rating of OOO Vodokanal Finance at Baa2;

• The senior rating of OJSC Western High-Speed Diameter at Baa3.

In addition, Moody's affirmed the following Russian regional and local governments with their existing outlooks:

• Krai of Krasnodar’s Ba1 issuer and debt ratings with a negative outlook;

• Republic of Komi’s Ba2 issuer and debt ratings with a stable outlook;

• Republic of Chuvashia’s Ba2 issuer and debt ratings with a stable outlook;

• Oblast of Belgorod’s Ba2 issuer and debt ratings with a negative outlook; and

• Republic of Mordovia’s B1 issuer and debt ratings with a stable outlook.

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