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2009 March 16   15:32

Fitch rates JSC Russian Railways' bonds 'AAA(rus)'/‘BBB’

Ratings-London/Moscow-13 March 2009: Fitch Ratings has today assigned JSC Russian Railways’ (RZD) domestic bonds National senior unsecured ratings of 'AAA(rus)' and senior unsecured local currency ratings of ‘BBB’, RZD-Partner reports. 
Domestic bonds:
Series 10, RUB15bn domestic bond issue with a coupon of 15% p.a. due 6 March 2014 
Series 13, RUB15bn domestic bond issue with a floating coupon (initially fixed at 15% p.a.) linked to the one week direct REPO Rate (to be determined by the Central Bank of Russia) due 6 March 2014 with a put option after 6 September 2011.
The Series 13 notes are issued under RZD’s RUB100bn note programme, which is also rated National senior unsecured AAA(rus)’ and senior unsecured local currency ‘BBB'. The programme will issue notes up to Series 19.
RZD plans to use the proceeds from the bond issues for financing capital expenditures and general corporate purposes.

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