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Financial Corporation "Sistema"

November 20, 2003

Moody’s Investors Service awards a rating to Sistema JSFC

Moscow. November 20, 2003. Moody’s Investors Service, a leading global credit rating, research, and risk analysis firm, gave a B1 basic grade, with a “stable” forecast, to Sistema JSFC. This is the first time the company is ranked by this international rating agency. According to Moody’s, its rating recognizes the size of the company’s assets, its strong market standing, and favorable growth prospects for Sistema JSFC’s core businesses, its relatively low ratio of debt to consolidated operational cash flows, its sizeable shares of local markets, and benefits from strategic partnerships with major international companies, and its high financial and operating transparency levels. The rating also reflects the agency’s expectations of an active merger policy to be pursued by the company. As Moody’s reports, the company’s ratings reflect the competitiveness of its capital structure and risks associated with managing such diverse businesses in a situation of fast market growth and change. The agency’s analysts expect Sistema JSFC to receive a significant proportion of its revenues over the next few years from dividends on MTS, the company’s largest and most profitable asset. For all this, Moody’s puts a high value on other types of Sistema JSFC’s commercial operations, which are expected to generate higher revenues. Moody’s Investors Service analysts say that their rating takes stock of the economic factors at work in Russia and the CIS countries where the company conducts its operations, such as recession, inflation, foreign exchange rates, political risks and risks arising out of Sistema JSFC’s historically high merger activity. Credit ratings details: Sistema JSFC (S&P, ?-, “stable” forecast; Fitch, ?, “stable” forecast; Moody’s, B1, “stable” forecast) MTS OJSC(S&P, B+; Moody’s, ??3) MGTS OJSC(S&P, ?-, “stable” forecast) MMBR JSCB (Fitch, B-, “stable” forecast)

 

 

 

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