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08/14/1998 06:57:04 RUSSIA LIKELY TO NEED TO RESTRUCTURE GKO DEBT- FITCH IBCA

Пост обновлен 14 авг. 2018 г.

LONDON, Aug 14 (Reuters) - Crisis-hit Russia is likely to

have to restructure its GKO domestic short-term government debt,

a senior official from rating agency Fitch IBCA said on Friday.

But David Riley told Reuters Television holders of Russian

Eurobonds could be confident of obtaining their coupon payments

as scheduled in November and December.

The International Monetary Fund package that had been

intended to reform the Russian economy had clearly failed and

there was a risk of capital flight from Russia, Riley said.

"Russia needs to act very decisively and very soon. They

have got days rather than weeks. The current strategy is clearly

not tenable if they wish to avoid a massive and uncontrolled

devaluation of the rouble," Riley said.

"I would be very worried if I was a holder of GKOs and I had

exposure in terms of the rouble debt. It is now very likely that

the Russians will be forced to restructure the treasury bill

debt, the GKO debt and impose capital controls in order to try

to put a cap on capital flight," he added.

Riley said Russia's foreign currency obligations were about

$5.0 billion. "If I was a holder of a Russian Eurobond I would

be very confident you will get your coupon payments in November

and December," said Riley.

((Paul Bolding, International Bonds Desk +44 171 542 6701, Fax

+44 171 542 5285, uk.governmentbonds.news@reuters.com))

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