S&P ups Central Telecommunications

Standard & Poor's said that it raised its long-term corporate credit rating on Central Telecommunications Co. (JSC), one of the largest fixed-line operators in Russia, to B- from CCC+, reflecting the company's ability to improve operating performance and prevent further deterioration of its weak financial profile.

The outlook is stable.

At the same time, S&P raised its long-term Russia national scale rating on Central Telecommunications and its senior unsecured debt issues to ruBBB- from ruBB+.

"The rating action reflects noticeable improvement in CTC's operating and financial performance during 2005," said S&P credit analyst Lorenzo Sliusarev in a news release.

The company has effectively focused on controlling costs, considerably reducing capital spending, and enhancing profitability.

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