Fitch ups Tattelcom

Fitch Ratings said it upgraded OJSC Tattelecom's long-term issuer default rating to BB from BB- and affirmed its short-term issuer default rating at B.

The outlook is stable.

The upgrade reflects the material improvement in the company's liquidity and operational and financial performance in line with expectations, Fitch said.

The company's improved liquidity has been driven by several factors, including its positive free cash flow generation, the agency said.

The company also has successfully renewed its overdraft lines and received a new three-year revolving credit facility of RUB 200 million, Fitch said.

The agency said it believes that Tattelecom can comfortably meet its short- to medium-term obligations.

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