Fitch ups Russia telecoms

Fitch Ratings said it upgraded five Russian telecoms and affirmed one.

These companies are regional incumbent telecoms operators in Russia, and all are operating subsidiaries of OJSC Svyazinvest, a government-controlled holding company, Fitch said.

OAO Centertelecom's long-term foreign-currency issuer default rating was upgraded to BB from B+, national long-term rating to AA-(rus) from A(rus), national senior unsecured rating to AA-(rus) from A(rus), long-term local-currency issuer default rating was assigned a BB rating, foreign-currency senior unsecured rating a BB rating, local-currency senior unsecured rating a BB rating, short-term foreign-currency issuer default rating was affirmed at B.

OAO North-West Telecom's long-term foreign-currency issuer default rating was upgraded to BB from BB-, national long-term rating to AA-(rus) from A+(rus), national senior unsecured rating to AA-(rus) from A+(rus) and foreign-currency senior unsecured rating to BB from BB-, its long-term local-currency issuer default rating was assigned at BB, local-currency senior unsecured rating at BB and its short-term foreign-currency issuer default rating was affirmed at B. The outlook is stable.

OJSC Volgatelecom's long-term foreign-currency issuer default rating was upgraded to BB from BB-, national long-term rating to AA-(rus) from A+(rus), national senior unsecured rating to AA-(rus) from A+(rus) and its short-term foreign-currency issuer default rating was affirmed at B. The outlook is stable.

OAO Sibirtelecom's long-term foreign-currency issuer default rating was upgraded to BB from B+ and its short-term foreign-currency issuer default rating was affirmed at B. The outlook is stable.

OAO Uralsvyazinform's long-term foreign-currency issuer default rating was upgraded to BB- from B+, national long-term rating to A+(rus) from A-(rus), national senior unsecured rating to A+(rus) from A-(rus). Its short-term foreign-currency issuer default rating was affirmed at B. The outlook is positive.

OJSC Far East Telecom's long-term foreign-currency issuer default rating was affirmed at BB-, short-term foreign-currency issuer default rating at B, foreign-currency senior unsecured rating at BB-. Its outlook was revised to positive from stable.

The ratings reflect significantly improved liquidity and lower refinancing risks, Fitch said, and their financial and operating performance remains robust and leverage low.

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