S&P drops VolgaTelecom outlook to negative

Standard & Poor's said it revised its outlook on VolgaTelecom (OJSC) to negative from stable due to weak liquidity.

At the same time, the agency said it affirmed the BB- long-term corporate credit and ruAA- Russia national-scale ratings.

S&P noted that the ratings are constrained by the company's weak liquidity position, with substantial short-term refinancing requirements; reduced financial flexibility, resulting from negative free cash flow generation; and intense competition in the mobile segment.

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