S&P rates Volgograd bond B+

Standard & Poor's said it assigned its B+ long-term debt rating and ruA+ Russia national scale rating to the proposed five-year senior unsecured 1 billion in Russian rubles amortizing, fixed-coupon bond issue to be placed by the Volgograd Oblast (B+ with stable outlook, Russia national scale rating ruA+).

The ratings on the bond are the same as those on the oblast, which reflect the region's lack of budget flexibility and predictability, low wealth level relative to Russian peers and need for longer term and correlated economic, investment and financial planning, S&P said.

The ratings are supported by good budgetary performance, a continued increase in revenues and moderate debt, the agency added.

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