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Irkutsk Oblast

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Moscow Oblast

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Belgorod Oblast

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Tver Oblast

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Khanty-Mansi Autonomous National Area

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Khabarovsk Krai

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Murmansk Oblast

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Kostroma Oblast

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Sakha Republic (Yakutiya)

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Mari-El Republic

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Novosibirsk Oblast

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Yamalo-Nenets Autonomous National Area

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Yaroslavl Oblast

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Samara Oblast

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Tambov Oblast

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Krasnoyarsk Krai

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Republic of Bashkortostan

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Mordovian Republic

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Sakhalin Oblast

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Kursk Oblast

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Stavropol Krai

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Primorskiy Krai

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Kabardino-Balkarian Republic

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Municipalities

Volgograd

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Ekaterinburg

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Ufa

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Uzhno-Sakhalinsk

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Krasnoyarsk

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Novosibirsk

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Tomsk

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Nizhny Novgorod

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Novocheboksarsk

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Kostroma

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Cheboksary

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Arkhangelsk

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Dzerzhinsky

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Source: The RF Ministry of Finance.

Internal Credit Rating

Credit rating

A stable growth of the Russian economy over the last few years resulted in upgraded sovereign and internal ratings. However, no investment grade was granted to territorial government authorities yet. The credit rating of Moscow, which used to be the same as the sovereign one, was upgraded to 1, only one point up, by Moody’s early in January 2004. In spite of a positive financial performance (accumulated debt to annual budget revenues and GNP ratio) and no default on the 1998 obligations, Moscow is graded below the federal government because of risks of low tax revenues associated with the ongoing tax reform at the city.

Unlike Moody’s, Standard & Poor's and Fitch Ratings also upgraded the sovereign rating on Russia during the year, but early in February 2004 it was one point below the investment grade, +. The same + credit rating was granted to Moscow (Table 35).

Table 35

Standard & Poors International Credit Rating

Russia: international scale ratings

Issuer

Date of promotion (latest amendment)

In terms of foreign exchange / Forecast

In terms of national currency / Forecast

Sovereign ratings

Russian Federation

27.01.2004

BB+/Stable

BBB-/Stable

Ratings of regional and local authorities

Balashikha Region

03.11.2003

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