Moody's rates Volgograd Ba3

Moody's Investors Service said it assigned first-time global scale local- and foreign-currency ratings of Ba3 to the City of Volgograd, along with a national scale rating of Aa3.ru.

The outlook is stable.

The ratings are supported by the city's moderately low debt burden, relatively resilient and diversified economic base and a low indirect debt exposure, Moody's said.

The agency said it expects the city's tax revenue to be flat or slightly negative in 2009 compared with 2008, the agency added.

The ratings also are constrained by the city's narrow operating margins, rigid operating revenue and expenditure base, Moody's said, and high refinancing risks.

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