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Provider : S&P Capital IQ Quantitative Report
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S&P upgrades Mobile TeleSystems OAO rating

Wednesday, 16 Jul 2014 09:36am EDT 

Mobile TeleSystems OAO:Standard & Poor's Ratings Services (S&P) says that it had raised its long-term foreign and local currency corporate credit ratings on Mobile TeleSystems OAO (MTS), to BBB- from BB+.The outlook on the foreign currency rating is negative and that on the local currency rating is stable.At the same time, S&P raised its ratings on the company's senior unsecured debt to BBB- from BB+.The upgrade follows that of MTS' parent company, Sistema (JSFC) to BB+ from BB and S&P assessment of MTS as an insulated subsidiary of Sistema, as per its criteria.S&P continue to assess MTS' stand-alone credit profile (SACP) at bbb-.Although S&P believe Sistema's majority ownership (51.5 percent stake) of MTS constrains MTS' credit quality, S&P allow for a one-notch difference between the two ratings.This primarily reflects MTS' sufficient autonomy and solid governance practices as a NYSE-listed company, which could limit Sistema's ability to take assets from MTS or burden it with liabilities. 

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