Standard & Poor's Assigns CCC Rating To Bonds Of Renaissance Capital-Finance

The Standard & Poor's agency announced today that it has assigned the CCC rating to the issue of interest bearing bonds of Renaissance Capital-Finance in rubles. The volume of the issue is 500 million rubles (about $16.95 million), the date of redemption is October 23, 2003, and a coupon makes up 2.5% of the face value. The issuer's liabilities are guaranteed by the Renaissance Capital Holdings Ltd. company. Renaissance Capital-Finance is a wholly owned subsidiary of the Renaissance Capital closed corporation, which is a part of the Renaissance Capital international group. In July 2001 Standard & Poor's assigned the CCC long-term credit rating with the 'stable' forecast to Renaissance Capital for foreign and local currencies, as well as the short-term credit rating at the C level, Standard & Poor's reports.