S&P boosts MegaFon

Standard & Poor's said it raised its long-term corporate credit rating on OJSC MegaFon to BB+ from BB.

The outlook is positive.

At the same time, the Russia national-scale rating was raised to ruAA+ from ruAA, the agency said, adding that the upgrade reflects MegaFon's continuing positive operating trend, supported by robust revenues, EBITDA and cash flow growth, strengthening and diversifying profitability and upward market share dynamics.

The company's increasingly positive free operating cash flow, strong liquidity position and gradually declining financial risk also benefit its credit profile, S&P noted.

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