Moody's rates governments in Russia

Moody's Investor Service said it published rating results for national scale ratings of regional and local governments in Russia after the application of the joint default analysis methodology.

The methodology formally disaggregates the ratings of regional and local governments into four components: an assessment of the government's baseline credit risk; the higher-tier or supporting government's domestic-currency rating; an estimate of the default dependence between the regional and local governments and the supporting government; and an estimate of the likelihood of extraordinary support from the supporting government.

The agency assigned final national scale ratings for governments in Russia, including an issuer rating upgrade to Aa1.ru from Aa2.ru based on a baseline credit assessment of 11, Baa2 global scale rating of The Russian Federation, 20% probability of support and 70% default dependence for the Oblast of Chelyabinsk; an issuer rating upgrade to Aa3.ru from A2.ru, based on a baseline credit assessment of 13, Ba2 global scale rating on the Moscow Oblast, 20% probability of support and 70% default dependence for the District of Odintsovo; an issuer rating upgrade to Aa2.ru from Aa3.ru, based on a baseline credit assessment of 12, Baa2 global scale rating on The Russian Federation, 20% probability of support and 90% default dependence for the Oblast of Omsk; an issuer rating upgrade to Aa1.ru from Aa2.ru, based on a baseline credit assessment of 11, Baa2 global scale rating on The Russian Federation, 20% probability of support, 70% default dependence for the Republic of Udmurtia; and an issuer rating upgrade to Aa1.ru from Aa2.ru, based on a baseline credit assessment of 11, Baa2 global scale rating on The Russian Federation, 20% probability of support, 70% default dependence for the Oblast of Vologda.

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