Moody's assigns Oblast of Samara bond Aa2(ru)

Moody's Investors Service said it assigned an Aa2(ru) national-scale rating to the RUB 4.5 billion bond issued by the Oblast of Samara.

The agency said that the bond is a senior unsecured obligation of the Oblast with a maturity of five years and a fixed coupon rate, adding that the Oblast of Samara's Aa2(ru) rating is supported by the region's good budgetary performance, low direct and total debt, high cash balance at the end of 2005 and prudent budget management.

Samara's rating also takes into account the increasing importance of the local economy's performance in the region's rating, as budget revenues have grown more dependent on tax revenues, in particular profit and personal income taxes, as a result of tax and budget reforms, the agency added.

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