S&P affirms Kyivstar

Standard & Poor's said it affirmed its BB- long-term corporate credit rating on CJSC Kyivstar GSM.

S&P said it also affirmed the BB- senior unsecured debt ratings on the company's loan participation notes issued by Dresdner Bank AG (A+/stable/A-1).

All ratings have been removed from CreditWatch with positive implications, where they were placed on Feb. 14, following an earlier announcement of a bid for the company by Vimpel-Communications JSC (BB/positive) for a consideration of $5 billion in common registered shares plus assumed debt, the agency said.

The outlook is stable.

S&P added that the ratings on Kyivstar remain constrained by the political, business and regulatory risks associated with operating in Ukraine (foreign currency BB-/stable/B, local currency BB/stable/B).

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