Moody's ups VimpelCom view to stable

Moody's Investors Service said it changed the outlook on the Ba2 corporate family and debt ratings of OJSC Vimpel-Communication to stable from negative.

The stabilization of the outlook reflects primarily Vimpelcom's strengthened liquidity profile relative to Moody's earlier concerns (stemming from the company's foreign currency debt obligation exposure to ruble devaluation) supported further by generally stable year-to-date operating performance relative to the agency's earlier expectations.

Moody's noted in particular VimpelCom's successful efforts at refinancing and rebalancing its debt portfolio in favor of local currency-denominated debt instruments over the past six months, reducing in the process its exposure to ruble currency volatility, as well as the steps taken to improve free cash flow through the re-scaling of its capex program and the restraint shown on the shareholder distribution and investment front in the first nine months of 2009.

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