Fitch Rates City Of Moscow Issue 'B'.Business Editors LONDON & NEW YORK--(BUSINESS WIRE)--Nov. 28, 2001 Fitch, the international rating agency, has assigned an indicative rating of 'B' to EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 400 million Loan Participation Notes issued by JP Morgan AG due in 2006. This is the second foreign currency issue launched by Moscow this year. The structure of the transaction is similar to the EUR300m issue launched last month: JP Morgan AG (the bank) issued the Notes for the purpose of funding the City of Moscow under a Credit Facility Agreement. The liability of the bank towards the noteholders is limited by flows of cash provided by Moscow to repay principal and interests, which makes the underline underline an animal's ventral profile; the shape of the belly when viewed from the side, e.g. pendulous, pot-belly, tucked up, gaunt. credit risk associated with the notes entirely that of the City of Moscow. The purpose of this issue is also to refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. the City's foreign currency obligations redeemed earlier this year. It will, therefore, have a neutral effect on Moscow's debt burden. Moscow is the capital of the Russian Federation Russian Federation: see Russia. and accounts for about 6% of the Russian population and for 15.1% of the country's gross domestic product. The City's budgetary position has been improving on the back of a buoyant Buoyant The term used to describe a commodities market where the prices generally rise with ease when there are considerable signals of strength. Notes: These types of markets can be very volatile as the prices are rapid to rise and fall with investor sentiment. local economy. |
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