S&P affirms Sistema

S&P said it affirmed its B+ issuer credit rating on Sistema PJSFC. The outlook is stable.

The agency also affirmed the B+ issue ratings on Sistema's senior unsecured debt.

S&P removed the ratings from CreditWatch, where they were placed with negative implications on Jan. 4.

The agency said it affirmed the rating on Sistema because it sees the near-term liquidity and refinancing risks for Sistema stemming from the legal settlement with Rosneft and Bashneft as having decreased.

S&P said it now expects its loan-to-value ratio to remain in line with the current rating level.

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