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Fitch puts Sistema on negative watch
Fitch Ratings placed the ratings of Sistema JSFC and its subsidiaries, OJSC Mobile TeleSystems, Joint Stock Oil Co. Bashneft and OJSC MTS Bank on Rating Watch negative.
The negative watch follow news that charges are being levied against Vladimir Evtushenkov, the majority shareholder and chairman of the board of directors of Sistema in connection with the legalization of shares of BashTEK group, Fitch said.
The agency said it believes the consequences may be negative for all the affected companies, but the likelihood of negative developments and the exact impact cannot be estimated at this stage.
The agency said it will resolve the negative watch once there is greater clarity on the developments. The ratings could be affirmed or downgraded, Fitch said.
The ratings on negative watch include Sistema’s long-term issuer default rating of BB-, local-currency issuer default rating of BB-, national long-term rating of A+(rus) and senior unsecured ratings of BB- and A+(rus). The loan participation notes rated BB- issued by Sistema International Funding SA and guaranteed by Sistema also were placed on negative watch.
Also on negative watch include Mobile TeleSystems’ long-term issuer default rating of BB+, short-term issuer default rating of B, local-currency issuer default rating of BB+, local-currency short-term issuer default rating of B, national long-term rating of AA(rus), senior unsecured ratings of BB+ and AA(rus) and the BB+ rating on the loan participation notes issued by MTS International Funding Ltd.
Bashneft’s long-term issuer default rating of BB also was placed on negative watch, along with its short-term issuer default rating of B, local-currency long-term issuer default rating of BB, local-currency short-term issuer default rating of B, national long-term rating of AA- and senior unsecured ratings of BB and AA-(rus).
MTS Bank’s long-term issuer default rating of B+ and short-term issuer default rating of B also were placed on negative watch.
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