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Moody`s повысило рейтинг Татарии пo инocтрaнным зaимcтвoвaниям дo "B1" с "Саа1"

18 марта 2002 | Рейтер

Международное рейтинговое агентство Moody`s повысило рейтинг республики Татарстан по заимствованиям в иностранной валюте до "В1" с "Саа1", прогноз рейтинга стабильный, говорится в сообщении агентства.

По мнению агентства, финансовое положение республики, которая объявила дефолт и провела реструктуризацию свое задолженности в 1998-2001 годах, продолжает улучшаться.


(The following statement was released by the ratings agency).

LONDON, March 18 - Moody's Investors Service has upgraded the foreign currency issuer rating of Tatarstan Republic to B1 (stable outlook) from Caa1. Moody's said that Tatarstan Republic's financial position has continued to improve since the default and subsequent restructuring of its debts over the period 1998 to 2001.

The Republic's rating had been downgraded to Caa3 in September 1998 when the republic declared a restructuring of its domestic debt and subsequently defaulted on its foreign currency debt. The reasons behind this situation were a combination of aggressive short-term debt financing to cover operating deficits in the period 1993 - 1997, tax revenues heavily dependent on the level of oil prices, short-term foreign-currency borrowing exposing the republic to the devaluation of the rouble, high level of non-cash revenues, and general impact of Russian financial crisis.

The rating had been upgraded to Caa1 (positive outlook) in October 2001 reflecting the overall improvement in the operating environment for Russian regions. Moody's said the debt situation has now been normalised and the republic has low debt levels. It has adopted a more conservative debt policy and does not have any plans for borrowing in the near future. There have also been some improvements in its financial controls.

The republic remains one of Russia's economically strongest regions on the basis of its natural resources and powerful industrial base (albeit with ongoing difficulties at companies such as the truck maker, Kamaz). In the past the republic enjoyed greater financial autonomy than most regions due to special interbudgetary relations with the Federal Government. Since January 2001 the republic has had the same revenue sharing arrangements as other regions, and has consequently lost some financial flexibility. In addition, the republic's revenue base is still vulnerable to fluctuations in oil prices, although the changing budget structure has resulted in a lower proportion of revenues related to oil prices.

The republic also benefits from a particularly generous level of subsidies from the federal government for an investment programme for the period 2001 to 2006. The Republic of Tatarstan is located 800km south east of Moscow and has a population of 3.8 million.

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