Training on banks and NBCOs, January 24–25

Fiscal loans of Russian regions: write-off or restructuring?

Restructuring of fiscal loans of Russian regions

Restructuring of fiscal loans to have a positive effect on credit quality of the regions with a substantial share of such loans in their debt structure

Revising repayment schedule for some of regional debts to the federal budget (49.6% of the total debt of regions as at September 1, 2017) will reduce debt loan of regional budgets and, in ACRA’s opinion, have a positive effect on the creditworthiness of certain constituent entities. In fact, this is about long-term restructuring and partial write-off of 70% of the subfederal debt. As at end of Q3 2017, the total debt of regions to the federal center was a little over RUB 1 trillion, RUB 700 mln of which are subject to restructuring according to the new rules: for 7 or 12 years depending on the region’s economic growth rates.

Time subordination (extending repayment dates) of the federal debt of regional authorities for the benefit of banks and bondholders will enable constituent entities to improve their debt structure and reduce…

The full version of this document is only available after a payment.

To clarify the cost and terms of payment, please contact Maksim Ivakaev

phone: +7 (495) 139 04 80, доб. 164, email: maksim.ivakaev@acra-ratings.ru

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