Moscow, January 21, 2015 -- Moody's Interfax Rating Agency has today downgraded the national scale ratings of fourteen Russian regions and municipalities and one government-related entity, and placed them on review for downgrade. At the same time, it placed on review for downgrade the ratings of two Russian cities and one region. These rating actions follow the weakening of Russia's credit profile as captured by the downgrade of Russia's government bond rating to Baa3 (review for downgrade) from Baa2 (negative) on 16 January 2015. For additional information, please refer to the related announcement: https://www.moodys.com/research/--PR_316487.

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