S&P rates Er-Telecom B+

S&P said it assigned a B+ long-term foreign-currency corporate credit rating to Er-Telecom, along with a ruA Russia national scale rating.

The outlook is stable.

The ratings reflect the strong position of Er-Telecom in the Russian broadband market and its robust growth, both organic and through mergers and acquisitions, S&P said.

These positive factors are offset by its exposure to the competitive and saturated Russian broadband market, the agency said.

The ratings also consider an expectation of adjusted debt-to-EBITDA of less than or close to 3x in 2016, increasing from 2.1x in 2015, S&P said.

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