Fitch rates Nizhniy Novgorod bonds B+

Fitch Ratings said it assigned a final B+ long-term local-currency rating and a final A(rus) national long-term rating to the Nizhniy Novgorod Region's RUB 5 billion domestic bonds due October 2015.

The region's long-term foreign- and local-currency ratings are both B+. The region has a short-term foreign-currency rating of B and a national long-term rating of A(rus).

The outlooks on the long-term ratings are stable.

The agency said the bond has a fixed step-down coupon with an initial rate of 8.5%. The principal will be amortized by 30% of the initial bond issue value in October 2013, by another 40% in October 2014 and by the remaining 30% in October 2015.

The proceeds will be used to refinance maturing debt and to fund capital expenditure.

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