Fitch: Changes for MegaFon

Fitch Ratings said changes to MegaFon's ownership structure and governance currently being discussed with its shareholders may be rating positive, but only if there is evidence of strong corporate governance and no negative impact from the parent.

MegaFon's current financial and operating profile conforms to a higher rating category than its current issuer default rating of BB+, but the company's corporate governance remains a major concern, Fitch said.

The agency noted that a shareholder dispute exposes the company to financial and non-financial risks.

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