Moody’s revises Sistema to positive

Moody's Investors Service said it changed the outlook on the B1 corporate family rating and the B1-PD probability of default rating of Sistema JSFC to positive from negative.

Concurrently, the agency affirmed these ratings.

Moody’s said the action reflects the substantially reduced risks of further claims from the state against Sistema related to its previous ownership of Bashneft (Ba2 review for downgrade), while Moody's continues to believe that Sistema's fundamental credit strength, excluding the remaining risks related to the Bashneft case, remains commensurate with the Ba rating category.

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