I.Metshin "Kazan is better prepared for the economic crisis than other major...

(Kazan, KZN.RU, January 26, by Albert Murtazin). Kazan is better prepared for the economic crisis than other major cities of the Russian Federation, said Mayor of Tatarstan Ilsur Metshin at today's Business Monday meeting.

The head of the capital of Tatarstan emphasized that currently it was vitally to maintain financial stability and to meet all social obligations, undertaken by the city budget.

"We're glad that it's not only we who believe in our self-sufficiency and well-being. The global financial agency «Fitch Ratings» recently published changes in their ratings. Kazan has retained and confirmed its long-term local currency rating at BB while almost all major cities and regions of Russia saw their ratings downgraded," said Ilsur Metshin. Note that although the rating indicates the possibility of credit risk, alternative business or finance resources may be available, which will enable companies involved to meet their financial obligations.

The mayor said that the city had restructured its loan burden. All short-term bank loans had been replaced by revolving credit facilities on favorable terms with a final maturity in 2017. In addition, Ilsur Metshin noted that big investments had been made in Kazan's transportation, social infrastructure and other sectors.

"This is not to say that the crisis will not affect us, but Kazan is better prepared for the crisis. We don't have such risks as those in other large cities of the Russian Federation," said Ilsur Metshin.