13 November 1998
DAILY REVIEW FROM TATARSTANTatarstan's Credit Rating Lowered
Standard & Poor's agency has downgraded the credit rating for the Republic of Tatarstan, the republican press reported on 13 November. The downgrade followed the refusal of Tatarstan's Tatneft oil company to pay $13.5 million in interest due on its Eurobonds.
Marat Galeev, the press chairman of the economic development commission on Tatarstan's State Council, said in an interview that credit ratings have fallen throughout the Russian Federation. There is still a chance, Galeev said, that Tatarstan would be able to restructure Tatneft's debt, which is blamed largely on the fall in oil prices on the world market.
Kazan Helicopter On Display In China Air Show
The republican press reports that the Kazan Helicopter plant will present its MI-17 helicopter at the China Air show. The administration reports a strong interest in its helicopters and is very optimistic about the prospects for cooperation with Beijing. The last export to China of Tatar-produced helicopters was in 1993.
New General License Obtained By Ak Bars Bank
Officials at the Ak Bars Bank agreed with the Central Bank of Russia on amendments to its charter. As a result, Ak Bars -- to be known as the Commercial Joint Stock Ak Bars Bank -- received a new general license for banking operations.
It is not clear if the Ak Bars Bank's license to operate on the stock market has been unfrozen (see the "Tatar-Bashkir Report," 11 November 1998).
Compiled by I. Nurmi