Fitch affirms Sibirtelecom

Fitch Ratings said it affirmed OAO Sibirtelecom's long-term issuer default rating at B+ and short-term issuer default rating at B.

The outlook on the long-term issuer default rating is stable.

Sibir is an incumbent with strong market shares in key sectors of operation and an established business franchise, the agency noted.

Ratings are constrained by considerable refinancing risks, the agency said.

Ratings consider the ownership-driven relationships of Sibir's main shareholder, state-controlled OAO Svyazinvest, with state banks, which Fitch said should aid Svyazinvest's 2008 to 2009 refinancing negotiations to the benefit of group companies, including Sibir.

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