TEXT-Fitch assigns St. Petersburg's bond 'BBB' rating
Dec 6 - Fitch Ratings has assigned the Russian city of St. Petersburg's RUB7bn domestic bond (ISIN RU000A0JTDL6), due 1 June 2017, a Long-term local currency rating of 'BBB' and a National Long-term rating of 'AAA(rus)'. The city's Long-term foreign and local currency ratings are 'BBB' with a Stable Outlook. The city has a Short-term foreign currency rating of 'F3', and a National Long-term rating of 'AAA(rus)' with a Stable Outlook. The bond has nine semi-annual coupon periods with a fixed coupon rate of 3.96% determined at the auction on 6 December 2012. The proceeds from the bond will be used to fund the city's budget deficit. Saint-Petersburg is the second-largest city in Russia by population and a port on the Baltic Sea. The city contributed 4.5% of national GDP and made up 3.4% of Russia's total population in 2010. A credit analysis on the City of St. Petersburg is available on www.fitchratings.com. Additional information is available at www.fitchratings.com. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings. Applicable criteria, 'Tax-Supported Rating Criteria', dated 14 August 2012, and 'International Local and Regional Governments Rating Criteria outside United States', dated 17 August 2012, are available on www.fitchratings.com. Applicable Criteria and Related Research: Tax-Supported Rating Criteria International Local and Regional Governments Rating Criteria - Outside the United States
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.