S&P revises Sistema to positive

S&P raised its outlook on Sistema to positive from stable and affirmed its B+ rating on the company and its senior unsecured debt issued by special purpose vehicle Sistema International Funding SA.

The positive outlook reflects S&P’s view that the company is committed to further deleveraging and is targeting nominal debt of RUB 140 billion to RUB 150 billion, compared with RUB 223 billion as of year-end 2018.

“We could upgrade Sistema if its LTV ratio remains sustainably below 45% and it continues to proactively address the refinancing of upcoming debt maturities,” S&P said in a news release.

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