As was emphasized in the "Standard & Poor's" press release, the factors conducive to uplifting the Company's credit rating were as follows:

• Substantial expansion of the economic activity in Moscow that spurred an increased demand for telecommunications services;
• Augmentation of the income generating potentials associated with finalizing the Company's transport network construction.
• OJSC MGTS' demonstrated ability to repay and service the debt and to mitigate the risks of financing.