• ACI Russia

08/26/1998 20:13:34 Moody's says Russia in default on rouble debt

NEW YORK, Aug 26 (Reuters) - Moody's Investors Service

considers Russia's recent failure to make payments on certain

rouble-denominated debt a default that could force the nation

to accelerate payments in $10.6 billion in government bonds, a

Moody's analyst said on Wednesday.

"Russia defaulted before any restructuring details came out

because some of the GKOs were due in the interim and they

didn't meet those payments," said Jonathan Schiffer, a Moody's

sovereign analyst.

Russia's $10.6 billion in dollar-denominated MinFin bonds

contain cross-default provisions that could compel Moscow to

accelerate payment on some or all of the securities in the

event of a default, Schiffer said.

Schiffer said that while Russia's actions might trigger

cross-default provisions in the MinFin bonds, Russia might

succeed in finding a legal loophole which would exempt it from

having to meet an accelerated repayment schedule.

MinFin bonds were created from Russian bank commercial


((Douglas Brown, U.S. Corporate Bond unit, 212-859-1662))

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