UPDATE 2-Russia to tap reserves to help firms refinance

(Writes through with analysts, details)

By Toni Vorobyova and Dmitry Sergeyev

MOSCOW, Sept 29 (Reuters) - Russia decided on Monday to tap its forex reserves and lend up to $50 billion to national companies to help them avert a refinancing crisis, seen by ratings agencies as one of the main threats to the country's economy.

The move marks the first use in a decade of Russia's massive reserves, accumulated through record energy and commodities prices, for intervention other than the support of the national currency.

Russian companies, including oil firms, banks and real estate businesses, have borrowed heavily abroad in past years to fuel growth and buy new assets at home and abroad.

They must redeem or refinance up to $45 billion before the year-end and given the virtual suspension of credit markets, they have repeatedly warned that Russia's decade-long economic growth would stall without state support.

The new pledge to commit almost a tenth of Russia's $560 billion reserves to the companies' refinancing needs exceeds their most ambitious expectations and brings the total package of government support to financial markets to $180 billion.

"It (the measure) fully changes the situation because it means that the threat of a credit crunch and worsening of credit portfolio quality will pass," chairman of MDM Bank Oleg Vyugin told Reuters.

He said the situation would have been much worse if the companies had been forced to borrow from local banks, which are themselves struggling with refinancing and liquidity problems.

The news about state support came after Prime Minister Vladimir Putin held a meeting and unveiled further measures aimed at boosting liquidity to financial markets.

The extra measures were announced as Moscow's main bourse MICEX sank 5.5 percent on Monday, hit by a global market move downwards.

Russia's two most indebted companies, state-run gas export monopoly Gazprom (GAZP.MM) and state oil major Rosneft (ROSN.MM), plunged over six and seven percent, unimpressed by the new measures, as global oil prices fell and investors' exodus from emerging markets continued.

Money market rates hit one-week highs of around 8 percent RUBOND= as firms sought cash to meet month-end tax payments.

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Putin said the state will act as previously through its Vneshekonombank (VEB), which could receive up to $50 billion in deposits from the central bank, which runs the reserves.