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Moody's VimpelCom, Kyivstar ratings unaffected
Moody's Investors Service said that OJSC Vimpel-Communications' announcement that it will acquire a 100% ownership in Kyivstar GSM JSC for $5 billion in new shares does not immediately impact VimpelCom's Ba3 corporate family rating or Kyivstar's B1 corporate credit rating.
The outlook for both companies is stable.
As of Sept. 30, Kyivstar was modestly leveraged at total debt to EBITDA of less than 1.0x, while VimpelCom's leverage was about 1.1x on an annualized third quarter of 2005 basis.
At this early stage there would appear to be no immediate impact on VimpelCom's rating due to the non-cash nature of the transaction, as currently proposed, and Kyivstar's leverage being below that of VimpelCom, the agency said.
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