Research Update: Vologda Oblast Proposed RUB2.51 Bil. Bond Rated 'B+' (Recovery Rating: '3'); 'B+' ICR Affirmed; Outlook Stable Dec 11

Standard & Poors, December 2011

Abstract
Russia's Vologda Oblast region is planning to issue a Russian ruble (RUB) 2.51 billion amortizing senior unsecured bond in late 2011. We are assigning our 'B+' and 'ruA+' debt ratings to Vologda Oblast's proposed bond. The recovery rating on this bond is '3'. At the same time, we are affirming our 'B+' long-term issuer credit and 'ruA+' Russia national scale ratings on Vologda Oblast. The stable outlook reflects our view that rising spending pressures on Vologda Oblast are likely to be counterbalanced by a moderate recovery in operating revenues and continued federal support, as well as management's efforts to extend the debt profile. On Dec. 8, 2011, Standard & Poor's Ratings Services assigned its 'B+' and 'ruA+' debt ratings to...

Companies mentioned in this report are: Vologda Oblast
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Vologda Oblast

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