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Fitch rates Yaroslavl bonds BB-
Fitch Ratings said it assigned a final BB- long-term local-currency rating and a final A+(rus) national long-term rating to Yaroslavl Region's RUB 2 billion domestic bonds due May 16, 2013. The region is rated long-term foreign- and local-currency BB-, short-term foreign-currency B and national long-term A+(rus).
The outlook is stable.
The proceeds from the new bond will be used to finance the region's budget deficit.
The agency said the bond issue has a step-down quarterly coupon of between 8½% and 8% per year. The initial placement price of the bond was set at an auction on May 20 at 99.8% of par. The principal will be amortized by 35% of the initial bond issue value on August 16, 2012, and the remaining 65% of the initial value will be redeemed at maturity.
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