S&P: MobiFon on positive watch

Standard & Poor's said it placed its B- long-term corporate credit ratings on MobiFon Holdings BV and Telesystem International Wireless Inc. on CreditWatch with positive implications. Telesystem owns 99.8% of MobiFon Holdings, which in turn owns 63.5% of MobiFon SA.

S&P credit analyst Joe Morin said, "the CreditWatch placement follows TIW's announcement that it has entered into an agreement in principle, which will result in MobiFon Holdings increasing its ownership interest in MobiFon to up to 79% from the current 63.5%."

S&P said the current long-term corporate credit rating on the consolidated entity would be B+.

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