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Standard & Poor's Ratings Services revised its outlook on Southern Telecommunications Company to Stable from Negative |
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Krasnodar, November 3, 2009: Southern Telecommunications Company (“UTK”) [(RTS: KUBN, KUBNP; ÌICEX: UTEL, UTELP; ADR OTC: STJSY, KUE FRA)], the principal fixed-line telecommunications provider for Russia’s Southern Federal District reports that Standard & Poor's Ratings Services have revised its outlook on the Company to Stable from Negative. At the same time, the 'B' long-term term corporate credit and 'ruA-' Russia national scale ratings were affirmed.
According to Standard & Poor's credit analysts, the outlook revision and affirmation reflect the strengthening of UTK's liquidity position. “The company refinanced most of its short-term debt maturities. Not long ago UTK issued RUR 3 billion in bonds and obtained a number of bilateral loans from its key lending banks. All new debt is medium term, which boosts the company's previously very weak liquidity profile” – Standard & Poor’s states in its research.
The ratings are supported by the Company's status as a regional incumbent telecoms operator, its dominant position in traditional voice services, and growth in revenues from new services.
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