S&P gives Sistema bonds 4

Standard & Poor's ratings said it assigned a recovery rating of 4 to the RUB 20 billion unsecured bonds due 2014, RUB 6 billion unsecured bonds due 2013 and RUB 19 billion unsecured bonds due 2016 issued by Sistema JSFC (BB/negative).

The 4 recovery rating indicates the agency's expectation of average recovery in the event of a payment default.

S&P added that the issue-level ratings on these unsecured debt instruments remains BB, in line with the BB corporate credit rating on Sistema.

The issue rating on the $350 million bonds due 2011 issued by Sistema Capital SA and guaranteed by Sistema is BB, in line with the corporate credit rating on the parent company, Sistema, the agency said. The recovery rating on these notes is 4.

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