S&P gives Volgograd bond BB-

Standard & Poor's said it assigned its BB- long-term debt rating and ruAA- Russia national-scale rating to the RUR 1 billion senior unsecured four-year bond placed on June 17 by Volgograd Oblast (BB-/stable, Russia national-scale ruAA-).

The bond has eight semiannual fixed coupons and is amortizing, with 30% of the principal to be repaid in 2010, another 30% in 2011 and the remainder at the maturity date in 2012, the agency said.

The coupons' rates are linked to the first coupon's rate of 9.78%, S&P noted.

"The ratings on the bond are equalized with those on the Volgograd Oblast," said S&P credit analyst Irina Pilman.

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