Fitch rates North-West Telecom bonds A(rus)

Fitch Ratings said it has assigned OAO North-West Telecom a national senior unsecured rating of A(rus) with a stable outlook.

North-West Telecom's existing international issuer default rating is B+ with a stable outlook and its short-term rating is B.

Fitch has also assigned A(rus) ratings to two of North-West Telecom's existing bonds: Issue Two, a 1.5 billion ruble bond with a maturity in October 2007, and Issue Three, a 3 billion ruble bond with a maturity in February 2011.

The ratings reflect Fitch's expectation that North-West Telecom is well-placed to maintain its dominant market position as a regional incumbent telecom operator.

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