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S&P downgrades Sistema from BB- to B+

On December 6, 2017, S&P Global Ratings lowered its long-term corporate credit rating on Russian investment

holding company Sistema (PJSFC) to 'B+' from 'BB-', the rating agency informed.

S&P also lowered its issue rating on Sistema's $500 million senior unsecured notes to 'B+' from 'BB-'. At the same time, S&P placed both ratings on CreditWatch with developing implications. S&P originally placed the ratings on CreditWatch with negative implications on July 18, 2017.

S&P believes that Sistema's liquidity may weaken after its announced $110 million dividend payout and without dividend income from its Mobile TeleSystems shares, some of which have been frozen due to a claim from Rosneft.

The final amount of the claim will likely depend on a court decision, and the timeline is still uncertain.

S&P aims to resolve the CreditWatch when the outcome of the court case and its effect on Sistema become clearer. S&P could downgrade Sistema if its liquidity weakens due to the Rosneft claim or is insufficient for current operations. S&P could raise the rating if the claim is resolved without substantial deterioration of credit metrics and Sistema rebuilds a solid liquidity profile.

Sistema Public Joint Stock Financial Corporation (Sistema PJSFC, tax number: 7703104630) is a public diversified corporation providing services to more than 100 million consumers in numerous market segments: telecommunications, high technologies, fuel and energy, radio and space technologies, banking services, retail trade, mass media, tourism and medical services. The company was established in 1993.

The authorized capital of Sistema PJSFC is RUB 868.5 million. It consists of 9.65 billion common shares with a face value of RUB 0.09. The company's principal shareholder is Vladimir Evtushenkov.

IFRS net profit attributable to Sistema PJSFC for H1 2017 grew by 91.6% to RUB 258 million from RUB 3.066 billion the year before, adjusted net profit attributable to Sistema decreased by 56.7% to RUB 922 million from RUB 2.132 billion. Revenue decreased by 0.6% to RUB 330.792 billion from RUB 332.705 billion, adjusted OIBDA grew by 6% to RUB 93.253 billion from RUB 87.914 billion.

"AK&M", 07.12.2017 17:27


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