Standard & Poor’s rating agency, having analysed the on-going crisis at the world’s financial markets, issued the second report on the assessment of liquidity risk among emerging markets’ (EMEA) telecommunications’ companies («Lineup Of EMEA Telecoms Operators Most Vulnerable To Medium-Term Liquidity Risk Gains Three Names, Loses Four» dated 17th July, 2008).

In the result of re-evaluation of the companies, the OJSC «North-West Telecom» was excluded from the list of companies subject to liquidity risks in the near 12 – 18 months.

The exclusion of «North-West Telecom» from this list was stipulated by the successful placement of the fifth bonded loan in the amount of RUR 3 billion, à s well as by the small scope of the existing debt re-payments imminent in 2009.

Deputy General Manager in Economics and Finances Ms. Venera Khusnutdinova thinks, that «consistent financial policy aimed at diversification of the loan instruments, elongation of loan terms and maintaining of high credit quality of the Company has led to the exclusion of NWT from the list of companies subject to liquidity risk»