Fitch ups Far East, Uralsvyazinform

Fitch Ratings said it upgraded OJSC Far East Telecom and OAO Uralsvyazinform to long-term issuer default rating BB from BB-.

The outlook is stable.

The upgrade reflects reduced refinancing risks following the extension of several undrawn revolving credit facilities with a domestic bank, Fitch said. This has substantially increased the company's liquidity, which now fully covers its short-term maturities, the agency said.

The ratings continue to be supported by Far East Telecom's dominant market position in the fixed-line voice and broadband segments in its region, stable operating and financial performance, low leverage and positive free cash flow, Fitch said.

Fitch also said that Uralsvyazinform's foreign-currency risk is low, as its debt is predominantly denominated in rubles.

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