MINISTRY OF FINANCE MOSCOW REGION

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MINISTRY OF FINANCE MOSCOW REGION
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Fixed capital investments, billion rubles
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Foreign investments, US million
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Moscow Region credit rating historySTANDARD
POORS Rating Agency
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Moscow Region state debt structure, of total
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Moscow Region debt liabilities by types, million
rubles
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Turnover of Moscow Region domestic bondsin
2003-2004
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Interest rate dynamics of Moscow Region debt
liabilities
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Ratio of the tariff's accumulated investment
component over the liabilities for the servicing
and repayment of the GUP MO Mosoblgaz bond issue
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Final ratio of the tariff's accumulated
investment component over total liabilities for
the servicing and repayment of the bond debt
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(No Transcript)
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• Budget Code of the RF, art. 115 p. 5
• The Guarantor of a state or municipal guarantee
  bears a subsidiary liability in addition to the
  debtor liability related to the obligation under
  guarantee.
• Budget Code of the RF, art. 339 p. 2
• The creditor is not entitled to satisfaction of
  his claim to the principle debtor claimed on
  behalf of a person with subsidiary liability
  unless such claim can be satisfied by offsetting
  a counter claim to the principle debtor or by
  uncontested recovery of the funds from the
  principle debtor.

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Advantages of offer over guarantee

• For the investor
• The offerer bears joint liability under an offer
• Claims may be addressed directly to the offerer
• There is a clearer procedure for the filing of
  claims and execution of rights
• The performance of the issuers rights is ensured
  by the offerer
• The offerer is interested in the quality of
  company management

• For the issuer and offerer
• The liabilities under an offer are not included
  in the total state debt
• The offer makes it possible to issue securities
  with a lower yield
• The issuer is supported by the offerer

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Distribution of funds raised by the bond issue of
OAO Moscow Region Mortgage Corporation
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List of municipal institutions and amount of new
housing construction financed by funds raised by
the OAO Moscow Region Mortgage Corporation bond
issue