Fitch: Sistema on watch

Fitch Ratings said it has put Sistema Joint Stock Financial Corp.'s long-term foreign and local currency issuer default ratings of BB-, respectively, on rating watch negative.

This follows the announcement that Sistema is going to acquire controlling stakes in the Bashkir oil and energy group companies for $2.5 billion, the agency said.

According to the agency, the senior unsecured ratings of BB- on debt instruments issued by Sistema Capital SA and guaranteed by Sistema were also put on watch.

Also affected are:

• OJSC Mobile TeleSystems with long-term foreign currency issuer default rating BB+ on RWN, national long-term AA(rus) on RWN, senior unsecured foreign currency BB+ on RWN, national senior unsecured AA(rus) on RWN and bonds issued by MTS Finance SA and guaranteed by MTS; and

• Sitronics' long-term foreign currency issuer default rating B- on RWN and senior unsecured foreign currency B- on RWN.

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