21 January 2004 23:49
S&P rates Tomsk region`s proposed bond issue `ruA-`
MOSCOW. Jan 21 (Interfax) - Standard & Poor's Ratings Services has assigned its 'ruA-' Russia
national scale senior unsecured debt rating to the Tomsk region's proposed 500 million ruble fixed-coupon domestic
bond issue, the agency said in a press release Wednesday.
The rating on the region is constrained by its growing economic
concentration, especially on its largest taxpayer, oil company
The issue will be placed on January 29, 2004, and will have five semiannual coupon payments. The bonds will mature in
2006. The rating on the bond is equalized with the national scale rating on the region.
Factors supporting the rating include continuous economic
growth in the region, estimated to exceed 7% in 2003, competent
TomskNeft. Diversification prospects are limited by the region's remote location. The rating is also constrained
by Tomsk region's comparatively high debt service, weak financial performance in the Russian context, and low
revenue flexibility and predictability. Tax- supported debt was estimated at more than 30% of total revenues at the end
of 2003. Debt maturities will remain relatively short.
management, and a good credit history. [RU ASIA EUROPE EEU EMRG AAA GVD ISU] me <>
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