13 Dec 2012 10:37

Fitch rates Udmurtia bonds 'BB+'

MOSCOW. Dec 13 (Interfax) - Fitch Ratings has assigned the Russian Republic of Udmurtia's RUB2.5bn domestic bond issue (ISIN RU000A0JTF76), due 5 December 2017, a Long-term local currency rating of 'BB+' and a National Long-term rating of 'AA(rus)', the agency said in a statement.

The republic has Long-term local and foreign currency ratings of 'BB+' and a National Long-term rating of 'AA(rus)'. The Long-term ratings both have Stable Outlooks. The republic's Short-term foreign currency rating is 'B'.

The bond issue has a variable coupon and amortising structure. The proceeds from the bond issue will be used to refinance maturing debt and to fund the budget deficit.