OREANDA-NEWS. Standard & Poor's Ratings Services said today it assigned its 'BB' senior unsecured debt rating to the Republic of Bashkortostan's (BB/Stable/--) upcoming Russian ruble (RUR) 1 billion ($37 million) fixed-coupon bond issue.

The bond, which will be issued in November 2006, will have six coupon payments of 4% each, and a 1,092-day maturity (matures in late 2009).

The rating on the bond is the same as the issuer credit rating on Bashkortostan.

The rating on Bashkortostan is constrained by low revenue predictability and flexibility, a concentration of major taxpayers in the oil extraction and processing industries, dependence on federal subsidies, and relatively high--although declining--contingent liabilities.