S&P lowers Sistema

Standard & Poor’s said it lowered its issuer credit rating on Sistema to BB from BB+ and removed the rating from CreditWatch, where it had been placed with negative implications on Sept. 19.

The outlook is negative.

S&P said the downgrade reflects S&P’s opinion that losing the stake in Bashneft will negatively affect Sistema’s portfolio size and diversity, as well as its dividend income.

“As a result, it is unlikely that we would keep the rating on Sistema above BB at this stage,” S&P said in a news release.

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