S&P revises outlook on Mosenergo rating to positive - 500 Beiträge pro Seite

[Paraskevi]

S&P revises outlook on Mosenergo rating to positive
MOSCOW. Aug 28 (Interfax) - International rating agency Standard &
Poor`s has revised its outlook on Russian power utility Mosenergo to
positive from stable.

S&P said it has affirmed its B- (B minus) long-term corporate credit ratings on
Mosenergo and the B- (B minus) senior unsecured debt rating on the $200 million
Eurobonds issued by guaranteed subsidiary Mosenergo Finance B.V.

"The outlook revision follows timely and adequate electricity and heat tariff
increases for Mosenergo, implemented on Aug. 1, 2002, and reflects Standard &
Poor`s expectations that tariff regulation in the City of Moscow and the Moscow
Oblast will further improve in the medium term," said Standard & Poor`s
Infrastructure Finance credit analyst Mikhail Galkin.

The positive outlook on Mosenergo also reflects the utility`s improved liquidity
position following a $70 million five-year loan agreement with the EBRD in
mid-August 2002, which will help the utility to successfully redeem the remaining
$110 million of its Eurobond issue in October this year, the agency said.

[Paraskevi]

Russian-German relations rid of past problems - Putin
MOSCOW. Sept 3 (Interfax) - President Vladimir Putin believes that
the future of Russian-German relations is not burdened by problems
of the past.

"All problems between Russia and Germany have been settled, and in the
future, we will be able to turn a new page in the development of our relations,"
he said at a Tuesday meeting between delegations of the two countries. The
German delegation is led by President Johannes Rau.

Putin named as an example of settling complex problems, in particular in the
financial sphere, the question of transferable rubles. "There were doubts both
here and in Germany that we would ever be able to resolve the problem, but it
has been resolved," he said.

He announced that under the agreements on transferable rubles, at the end
of last year, Russia paid 175 million euros, and this year 175 million euros more
ahead of schedule in August.

"This once again confirms Russia`s credit rating and the nature of our
relations," Putin said.

He announced that in two years, trade turnover between Russia and Germany
soared 80%. Last year it amounted to 25 billion euros.

Rau stressed that during his visit to Russia, he wants to learn more about the
progress of reforms. In 2006, Russia will hold the rotating chairmanship in the
G8, as Germany has given its turn to Moscow. In his opinion, this fact is a
reflection of Russia`s growing authority and an indication of the relationship
between the two countries. [RU EUROPE EEU EMRG POL DIP DE WEU] ml tl <>

[Paraskevi]

Russia may borrow $1 bln if oil prices fall next year
MOSCOW. Sept 5 (Interfax) - Russia may have to borrow about $1
billion on the world financial markets next year if oil prices fall below
$18.50 a barrel, Chairman of the State Duma Budget Committee
Alexander Zhukov told a news conference at the Interfax central office
on Thursday.

The draft budget is still ambiguous on sources of financing, he said.

His committee and its subcommittee will discuss these issues next
week, Zhukov said.

Russia will be able to make its immense debt payments in 2003 chiefly
from domestic sources, he said.

This done, Russia`s debt will fall at the end of 2003 to below 40% of
GDP, a quite acceptable level, Zhukov said.

Successful economic development and execution of the 2002 budget
have made the 2003 payment possible, he said.

[Paraskevi]

Moody`s upgrades Moscow rating outlook to positive
LONDON. Sept 12 (Interfax) - Moody`s Investors Service has
changed the outlook on the city of Moscow`s Ba3 foreign currency
and domestic currency ratings to positive from stable.

The rating agency said that Moscow has consistently been able to increase its
revenue base, despite numerous changes in federal tax law, and also that the
city`s debt burden is expected to remain at a manageable level.

However, the agency said greater transparency is needed in the city`s
shareholdings of companies. RTS$#&:

[Paraskevi]

Finance & Business

16.10.2002
Russian WTO entry realistic in 2003, depending on partners
MOSCOW. Oct 16 (Interfax) - Russia`s entry into the World Trade
Organization is realistic in 2003, but this will not depend on Russia but
on the country`s partners in talks, Deputy Economic Development and
Trade Minister Maxim Medvedkov said.

He noted that Russia`s position at negotiations has not changed over the past
several months. Russia`s partners have also not put forward any new unexpected
requirements.

"Already nothing new is appearing and we are grateful to our partners for this. A
packet of demands has been drawn up and now we need to understand how to find
the outcome on various issues," he said Wednesday at an Adam Smith Institute
congress on Russia`s entry into the WTO.

Among disputed issues there remains the issue of balancing domestic and world
energy prices, Medvedkov said. Russia plans to do this independently and
gradually, but "we do not want to take on any international obligations regarding
this, not one country has done this,` he said.

Medvedkov noted that the Russian position on state support for agriculture at
negotiations amounts to about $14 billion per annum, but a number of countries -
for example Australia and Canada, are demanding that this figure be sharply
reduced.

The latest round of talks on Russian entry into the WTO is currently underway. In
particular, this week in Moscow two delegations are at work - from the U.S. and the
European Union. These delegations are discussing access to the Russian
commodities and services markets, Medvedkov said. <>

[Paraskevi]

16.10.2002
Russia`s reserve money increases 0.52% in Sept
MOSCOW. Oct 16 (Interfax) - The volume of reserve money in the
Russian economy increased 0.52% in September, according to
preliminary figures, from 1.09 trillion to 1.1 trillion rubles, the
Central Bank of Russia reported.

Russia`s reserve money increased 16.11% in the first nine months of the year,
from 951.29 billion rubles at the beginning of the year.

In international practice reserve money is a key indicator of the volume of
money a country prints. It includes all cash issued by the Central Bank, funds in
bank accounts with the Central Bank and company call deposits serviced by the
Central Bank (excluding the deposits of state authority bodies). <>