Moody's ups MegaFon

Moody's Investors Service said it upgraded the corporate family rating of OJSC MegaFon to Ba2 from Ba3.

Concurrently, Moody's said it upgraded the existing $375 million senior notes to Ba2 from Ba3 while the probability of default rating was also upgraded to Ba2.

The outlook is stable.

According to the agency, the upgrade reflects (i) the company's continued strong operating performance, (ii) increased visibility as regards 3G capital expenditures and (iii) positive developments in the shareholder disputes.

In Q3 2007, revenue and EBITDA expressed in rubles increased by 33.6% and 41.9% respectively when compared to Q3 2006, Moody's noted.

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