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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
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: New Rating
Action: Outlook: Stable
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Product Type: Research Update
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