S&P drops Moscow Oblast

Standard & Poor's said it lowered its long-term issuer credit ratings on Moscow Oblast to B- from BB.

At the same time, the agency said that the Russia national-scale rating was lowered to ruBBB- from ruAA.

The ratings on the oblast remain on Creditwatch with negative implications, where they were placed on Sept. 26, S&P said.

According to the agency, the downgrade follows the oblast's unexpected problems with refinancing its direct debt, due to sharp deterioration of funding conditions, higher-than-previously-anticipated financial support to be provided to related companies.

The agency said it also lowered its long-term issuer and Russia national-scale ratings on Moscow Regional Investment Trust Co. (OJSC) (to CC/ruCC from B/ruA-); Mortgage Corp. of Moscow Region (OJSC) (to CC/ruCC from B-/ruBBB) and Mostransavto (to CC/ruCC from CCC+/ruBB+) in related actions.

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