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S&P cuts Sistema, notes to BB-
S&P said it lowered the long-term corporate credit rating on Sistema PJSFC to BB- from BB. The rating remains on CreditWatch with negative implications.
At the same time, the agency lowered the issue rating on Sistema's $500 million senior unsecured notes to BB- from BB. The rating remains on CreditWatch negative.
S&P placed the ratings on CreditWatch with negative implications on July 18.
“The downgrade reflects our view that the freeze of dividends from telecom operator Mobile TeleSystems, resulting from the Rosneft/Bashneft claim will lead to deterioration of Sistema's liquidity in the near-term,” the agency said in a news release.
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