The primary purpose of this report is to offer investors a better understanding of Russian regional bond issuers, both in terms of the relative value of bonds already on the market and new issues to come. While credit ratings are the benchmark of choice in the fixed income space, they are not an ideal criterion for comparing regional bond issues: not all regions have ratings from the same agencies, different agencies occasionally have markedly different views on a particular region, and ratings are revised infrequently.
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