Moody’s upgrades Sistema

Moody’s Investors Service said it upgraded Sistema JSFC’s corporate family rating to Ba2 from Ba3 and probability of default rating to Ba2-PD from Ba3-PD.

Moody’s also said it upgraded Sistema Capital SA’s provisional Ba2 senior unsecured rating from provisional Ba3 with a loss given default (LGD) assessment of LGD 4, 50%.

The outlook is positive.

The upgrades recognize the company’s track record of maintaining strong consolidated financial metrics and sustainable margins, improved credit strength of its two core operating subsidiaries, Mobile TeleSystems OJSC and Bashneft OJSC, Moody’s said.

The ratings also consider the company’s acquisitive nature and the potential that the company will need to support some of its developing assets, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.