S&P downgrades Er-Telecom to B

S&P said it lowered the long-term corporate credit rating on Er-Telecom to B from B+ and removed the ratings from CreditWatch, where they were placed with negative implications on May 4.

The outlook is stable.

S&P said the downgrade primarily reflects its view that Er-Telecom's leverage is likely to remain at or above 3.5 times in 2017-2018 as a result of further debt-financed acquisitions, such as Novotelecom (a cable operator in Western Siberia) in early 2017, to further increase its footprint in the Russian fixed broadband market.

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