S&P upgrades Kyivstar

Standard & Poor's said it raised its long-term corporate credit and senior unsecured debt ratings on Ukraine-based CJSC Kyivstar GSM to B+ from B. The outlook is stable.

S&P said the rating action reflects the strong market performance and solid execution to date of the company's growth program.

The ratings are constrained, however, by the political and regulatory risks associated with operating in Ukraine (B+/stable/B), as demonstrated by political developments in the fourth quarter of 2004, S&P said. Such developments can have potential knock-on effects for monetary stability and macroeconomic performance.

Kyivstar's near-term liquidity is sufficient, benefiting from a notes issue in August 2004. The existing outstanding $160 million notes have been partially exchanged as part of the $265 million bond issue maturing in 2009 completed in August 2004.

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