S&P lifts Mobile TeleSystems

Standard & Poor's said it raised the long-term corporate credit rating on Mobile TeleSystems OJSC and related debt ratings to BB+ from BB.

The outlook is stable.

The upgrade primarily reflects a reassessment of the company's management and governance to fair from weak, S&P said. Management and governance were formerly considered to be the main rating constraint for Mobile TeleSystems and parent company, Sistema, the agency said.

Mobile TeleSystems recently resolved all legal disputes with Altimo and Nomihold over its unsuccessful acquisition of Bitel. S&P said it believes this eliminates any immediate risk to Mobile TeleSystems, S&P said.

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