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S&P подтвердило рейтинг МТС и еврооблигаций МТС

19 марта 2002 | Рейтер

Международное рейтинговое агентство Standard & Poor's подтвердило корпоративный кредитный рейтинг ОАО Мобильные телесистемы (МТС) на уровне "В+", говорится в сообщении агентства. Прогноз рейтинга - стабильный.

S&P также подтвердило необеспеченный рейтинг Mobile Telesystems Finance S.A. на уровне "В+" после увеличения еврооблигационного займа в объеме $250 миллионов, гарантированного МТС, на $50 миллионов.

"Поступления от еврооблигаций будут использованы на общие корпоративные нужды и помогут МТС в осуществлении ее стратегии по расширению присутствия на территории России, которое, в первую очередь, осуществляется за счет приобретения региональных операторов мобильной связи", - говорится в сообщении S&P.

Ниже следует текст сообщения S&P из Лондона на английском языке:


(The following statement was released by the rating agency)

LONDON, March 19 - Standard & Poor's said today it affirmed its single-'B'-plus unsecured debt rating on Mobile Telesystems Finance S.A., following a $50 million increase of its $250 million notes due 2004, guaranteed by JSC Mobile Telesystems (MTS).

At the same time, Standard & Poor's also affirmed its single-'B'-plus corporate credit rating on MTS , the Russian mobile telephone operator. The outlook is stable.

"The proceeds of the notes will be used for general corporate purposes and to assist MTS in its expansion strategy throughout Russia, which is primarily being executed through the acquisition of regional mobile operators," said Standard & Poor's credit analyst Michael O'Brien. The notes are expected to yield 10.248%.

MTS' plans to continue its aggressive expansion policy are expected to lead to a progressive weakening of the company's strong financial profile. Also, foreign exchange risk will continue to be of significance as the company increases its foreign debt exposure. Nevertheless, at present, MTS is able to service and repay its outstanding debt, based on its current performance and subscriber-base growth forecasts for 2002.

MTS is aggressively increasing its subscriber base and has recently set up operations in Russia's second-largest mobile market, St. Petersburg (B+/Positive/--); it also plans to acquire a controlling share of Kuban GSM, the fourth-largest mobile operator based in the Krasnodar region of southern Russia. Expansion of the company's regional operations could, however, face potential difficulties associated with license acquisition and spectrum allocation.

Nevertheless, the ratings on MTS reflect the company's position as the leading cellular service provider in the Russian Federation (B+/Positive/B), its record of continued subscriber and revenue improvement, and its solid financial profile. These factors are offset, however, by the business risks associated with operating in the Russian telecommunications market. Additional risks include churn and the possible loss of market share in Moscow, following the commencement of operations by a third mobile operator, JSC Sonic Duo.

Although the ratings on MTS have been influenced by the development of the Russian economy, any future change in the ratings is likely to be independent of a rating change on the Russian Federation.

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