In spite of a relatively high rating on several constituent entities of the Russian Federation, the problem of arrears remain to be addressed. Since 2003 the RF Ministry of Finance started to publish credit and budget disbursement ratings on the constituent entities of the Russian Federation1 and data on their arrears (outstanding debts) including:
data on liabilities of constituent entities of the Russian Federation to the federal budget on tied loans of foreign governments, banks and companies, as well as on budget foreign exchange loans granted by the RF Ministry of Finance;
size of liabilities of constituent entities of the Russian Federation (at par value) resulted from placement of securities with expired maturity or the RF Ministry of Finance has no data on their redemption;
liabilities (including guarantees) of constituent entities and municipalities of the Russian Federation on loans extended by international financial organizations.
Though the published data on arrears of constituent entities of the Russian Federation may need verification and in some cases outstanding amounts may be found smaller, the existence of a considerable volume of arrears (outstanding debts) will have an adverse effect on credit risk assessment of the region as a borrower.
The total arrears of the constituent entities of the Russian Federation is 20,3 bln rubles according to the RF Ministry of Finance. The biggest arrears are reported at the regions as follows: Karachayevo-Cherkess Republic – 1,0 bln rubles or 34,5 % of the budget revenues, Orel Oblast – 1,6 bln rubles or 32,9 % of the budget revenues, Yaroslavl Oblast – 1,0 bln rubles or 23,9 % of the budget revenues, and Orenburg Oblast – 1,8 bln rubles or 18,2 % of the budget revenues (Table 36).
The major part of outstanding debt is represented by liabilities of the territories due to the RF Ministry of Finance. It is scheduled for next year to verify the existing arrears in order to specify exact amounts and maturities as well as identify substantive disagreements and controversial debts available.
The verification should be followed by settlement of controversial debts of the constituent entities of the Russian Federation, i. e. to define the exact amount and type of liabilities, draw up payment schedules, and check validity of the previously charged penalties.
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