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Fitch rates Khakassia bond BB-
Fitch Ratings said it assigned the Republic of Khakassia's upcoming RUB 1.2 billion domestic bond due Aug. 25, 2013, an expected long-term local-currency rating of BB- and national long-term rating of A+(rus).
The republic has long-term local- and foreign-currency ratings of BB-, national long-term rating of A+(rus) and short-term foreign-currency rating of B.
The outlook is stable.
The bond has an 8.2% fixed-rate coupon. The principal will be amortized by 45% of the initial bond issue value on Aug. 22, 2012, Fitch said.
The remaining 55% will be redeemed Aug. 25, 2013. The proceeds from the bond issue will be used to refinance maturing debt and to fund capital expenditure, the agency said.
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