S&P rates VimpelCom Holdings BB, GTH Finance notes B+

Standard & Poor’s said it assigned a BB long-term corporate credit rating to VimpelCom Holdings BV, the core financing subsidiary of VimpelCom Ltd.

The agency also said it assigned a B+ rating to the proposed senior unsecured notes to be issued by VimpelCom’s subsidiary GTH Finance BV and guaranteed by VimpelCom Holdings.

VimpelCom Holdings enjoys a strong degree of support from the group and it plays an important role of a treasury and liquidity management center along with VimpelCom Amsterdam BV, another entity of the group, the agency said.

The B+ rating on the notes is two notches lower than the rating on the guarantor because the notes will be structurally subordinated to debt either issued or guaranteed by the operating subsidiaries of VimpelCom Holdings, the agency said.

The outlook is stable.

The stable outlook mirrors the outlook on Vimpelcom because it is considered a core subsidiary.

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