December 12, 2012 / 4:40 PM / 5 years ago

TEXT-Fitch rates Russian Republic of Udmurtia domestic bonds 'BB+'

Dec 12 - Fitch Ratings has assigned the Russian Republic of Udmurtia's
RUB2.5bn domestic bond issue (ISIN RU000A0JTF76), due 5 December 2017, a
Long-term local currency rating of 'BB+' and a National Long-term rating of
'AA(rus)'.

The republic has Long-term local and foreign currency ratings of 'BB+' and a
National Long-term rating of 'AA(rus)'. The Long-term ratings both have Stable
Outlooks. The republic's Short-term foreign currency rating is 'B'.

The bond issue has a variable coupon and amortising structure. The proceeds from
the bond issue will be used to refinance maturing debt and to fund the budget
deficit.

A credit analysis on the Republic of Udmurtia is available on
www.fitchratings.com

Contact:

Primary Analyst
Behruz Ismailov
Analyst
+7 495 956 9980
Fitch Ratings CIS Ltd
6 Gasheka Street
Moscow, 125047

Secondary Analyst
Vladimir Redkin
Director
+7 495 95670 64

Committee Chairperson
Christophe Parisot
Senior Director
+33 144 29 9134

Media Relations: Peter Fitzpatrick, London, Tel: +44 20 3530 1103, Email:
peter.fitzpatrick@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

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PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
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AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF
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