Fitch rates Moscow bonds BBB

Fitch Ratings said it assigned a final BBB long-term local-currency rating and a final AAA(rus) national long-term rating to the City of Moscow's RUB 8.63 billion domestic bonds due 2013.

The city's long-term foreign- and local-currency ratings are both BBB with a positive outlook. The city also has a short-term foreign-currency rating of F3 and a national long-term rating of AAA(rus) with a stable outlook.

The proceeds from the bonds will be used to refinance maturing debt and fund capital expenditure. The coupon is 8% for the first seven interest periods and then 7% for periods eight through 10.

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