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Thursday, July 10, 2008

Fitch, S&P rate Russian Railways RUB 20bn bonds issue.





Fitch, S&P rate Russian Railways RUB 20bn bonds issue. International rating agency Fitch Ratings assigned expected national senior unsecured rating of AAA(rus) to the Series 08 domestic bond issue of Russian Railways (RZD) worth RUB 20bn, while Standard & Poor’s Rating Services assigned BBB+ global scale local currency rating and ruAAA national scale rating to the same issue. To remind, on July 9 RZD fully placed its Series 08 RUB 20bn bond 3-year bond issue, yielding an annual coupon rate of 8.5%.  This is the first tranche out of its RUB 80bn borrowing program for 2009 -2009. RZD investment program for 2008 – 2010 amounts to RUB 1.3tn (USD 55.77bn), as approved by the government in Nov 2007. RAS net profit of Russian Railways tripled y/y to RUB 84bn (USD 3.4bn) in 2007 vs. RUB 26.3bn in 2006. Russian Railways is 100% owned by the government.







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