Fitch Assigns Russian Krasnodar Region's Series 34004 Domestic Bonds 'BB+' Rating
December 11, 2012 Fitch Ratings
Fitch Ratings-London/Moscow-11 December 2012: Fitch Ratings has assigned Krasnodar Region's RUB6.4bn domestic bond issue Series 34004 (ISIN - RU000A0JTBA3), due 09 November 2017, a Long-term local currency rating of 'BB+' and a National Long-term rating of 'AA(rus)'. The agency rated this issue on 16 November 2012 when the region initially placed RUB5.6bn. The total amount outstanding under the issue is now RUB12bn (see Fitch Assigns Russian Krasnodar Region's RUB5.6bn Bond 'BB+' Rating, at www.fitchratings.com).
The region has Long-term local and foreign currency ratings of 'BB+' and a National Long-term rating of 'AA(rus)'. The Long-term ratings have Stable Outlooks. The issuer's Short-term foreign currency rating is 'B'.
The bond issue has fixed-rate step-down coupons. The initial coupon was set at 8.95% on 15 November 2012. The principal will be amortised by 30% of the initial bond issue value in May 2014 and May 2015 and by 10% of the initial bond issue value in November 2015, May 2016, November 2016 and November 2017. The proceeds from the bond issue will be used to refinance maturing debt and to fund the region's capital expenditure.
Issue — Krasnodar region, 34004
Country of riskRussia
Redemption (put/call option)
М/S&P/F— / — / —
Company — Krasnodar region
Full nameKrasnodar Region