Source Pravda.Ru

Moscow region to issue bond loans in Q4 2002

The Finance Ministry of the Moscow region plans to carry out two issues ofbond loans totaling 2.9bn rubles (about $91.6m) in the fourth quarter of2002, the press service of the region's Finance Ministry told RBC. Theamount of the first issue will be 1.9bn rubles (about $60m). Its maturityperiod is to be 18 months with an 18.5 percent interest rate. The amount ofthe second issue will be 1bn rubles (about $31.6), with a 30-month maturityperiod and a 25 percent interest rate.The funds raised from the issues are planned to be allocated foreliminating the regional budget deficit and paying off debt obligations ofthe Moscow region. The issuer of the domestic bond loans in 2002 is thegovernment of the Moscow region.As it was reported earlier, in August 2002, Standard&Poors assigned the B-(forecast 'positive') credit rating to the Moscow region. .

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