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Fitch rates Mobile TeleSystems bond BB+
Fitch Ratings said it assigned an expected senior unsecured foreign-currency rating of BB+ to OJSC Mobile TeleSystems' proposed loan participation notes totaling up to $1.2 billion and with a headline maturity of up to 15 years.
The company has a long-term issuer default rating of BB+.
The outlook is stable.
The loan participation notes will be issued by MTS International Funding Ltd.
Ratings reflect sound competitive strengths and strong market positions, the agency said.
The company's exposure to parent JSFC Sistema's (BB-/stable) group-wide risks, which are associated with the lower credit quality of Sistema's other subsidiaries, and the possible influence of Sistema on MTS's capital structure are credit constraints, the agency noted.
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