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Moody’s upgrades Sistema
Moody’s Investors Service said it upgraded Sistema JSFC’s corporate family rating to Ba2 from Ba3 and probability of default rating to Ba2-PD from Ba3-PD.
Moody’s also said it upgraded Sistema Capital SA’s provisional Ba2 senior unsecured rating from provisional Ba3 with a loss given default (LGD) assessment of LGD 4, 50%.
The outlook is positive.
The upgrades recognize the company’s track record of maintaining strong consolidated financial metrics and sustainable margins, improved credit strength of its two core operating subsidiaries, Mobile TeleSystems OJSC and Bashneft OJSC, Moody’s said.
The ratings also consider the company’s acquisitive nature and the potential that the company will need to support some of its developing assets, the agency said.
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