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This article represents theoretical basis and methodology of calculation of dynamic characteristics (stiffness and damping coefficients) of fluid-film hearings under condition of lubrication by cryogenic liquids (hydrogen, oxygen, etc.). Results of calculation, which illustrate influence of two-phase steam-liquid condition of the lubricant on dynamic-characteristics» are presented. Usage of these results and the developed methodology to solution of rotor dynamic problems (amplitude-frequency characteristic, boundary of stability, critical frequencies etc,) are discussed.