S&P rates Volgograd Oblast

Standard & Poor's said it assigned its B+ long-term issuer credit rating to Volgograd Oblast.

At the same time, a ruA+ Russia national-scale rating was assigned to the region.

The outlook is stable.

The agency added it assigned its ruA+ and B+ ratings to five existing senior unsecured Russian ruble bond issues: two RUR 25 million bonds both due 2007, a RUR 600 million bond due 2009, a RUR 700 million bond due 2010 and a RUR 550 million bond due 2010.

The ratings on the Volgograd Oblast are constrained by its lack of budget flexibility and predictability, low wealth level relative to its Russian peers and a need for more clearly defined long-term planning, S&P said, noting that the ratings are supported by good budgetary performance, a continued increase in revenues underpinned by a growing economy and moderate debt with an improving debt profile.

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