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Fitch rates Moscow bond BBB
Fitch Ratings said it assigned the City of Moscow's RUB 7.1 billion domestic bond due Nov. 16, 2015, a long-term local-currency rating BBB and national long-term rating of AAA(rus). Its long-term foreign- and local-currency ratings are both BBB with a positive outlook. The city has a short-term foreign-currency rating of F3 and a national long-term rating of AAA(rus) with a stable outlook.
The bond issue has a fixed step-down coupon. The bond yield was set at 7.48%.
The proceeds will be used to refinance maturing debt and to fund capital expenditure, Fitch said.
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