8 Oct 2018 15:10
Sistema rating raised to ruA- by Expert RA
Moscow, 8 October 2018 - Sistema PJSFC ("Sistema" or "the Corporation") (LSE: SSA, MOEX: AFKS), a publicly traded diversified Russian holding company, announces that the RAEX (Expert RA) rating agency has raised Sistema's credit rating from ruBBB+ to ruA-. RAEX has removed Sistema from its 'rating watch' designation and applied a 'stable' outlook.
The agency notes that the rating upgrade and revised outlook are supported by an improvement in Sistema's medium-term liquidity position due to the unsecured refinancing of short-term obligations for a longer term, the availability of long-term credit lines and the removal of the restrictive measures previously imposed on shares owned by Sistema in PJSC Detsky Mir. The agency continues to have a high assessment of Sistema's financial disclosures and the quality of the Corporation's corporate governance.
Vladimir Travkov, Sistema Vice President and Chief Financial Officer, said:
"The upgrade of our rating by Expert RA reflects Sistema's achievements in optimising our debt portfolio. We are continuing work on establishing a comfortable repayment schedule and reducing our debt load. Along with the increase in value of portfolio assets and improved cash flows, we believe this can enhance our credit metrics and lead to further improvements of the Corporation's credit ratings."
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For further information, please visit www.sistema.com or contact:
Investor Relations Nikolai Minashin Tel: +7 (495) 730 66 00 n.minashin@sistema.ru | Public Relations Sergey Kopytov Tel.: +7 (495) 228 15 32 kopytov@sistema.ru |
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Sistema PJSFC is a publicly-traded diversified Russian holding company serving over 150 million customers in the sectors of telecommunications, children's goods retail, paper and packaging, healthcare services, agriculture, high technology, banking, real estate, pharmaceuticals and hospitality. The company was founded in 1993. Its revenue in 2017 was RUB 704.6 bn; its total assets equalled RUB 1.1 trn as of 31 December 2017. Sistema's global depositary receipts are listed under the "SSA" ticker on the London Stock Exchange. Sistema's ordinary shares are listed under the "AFKS" ticker on the Moscow Exchange. Website: www.sistema.com.