International rating agency Moody's Investors Service lowered the corporate rating and probability of default rating Sistema "to" B1 "from" Ba3 ". Unsecured bond rating company in the amount of $ 350 million, issued on behalf of Sistema Capital SA, downgraded to "B2". Forecast rating - a "negative", said the agency. These rating actions result from lack of clarity on how to operate the acquired "The system" assets and the contribution they make in monetary income groups, with the expected increase in the level of financial support to affiliated companies of the group, with concerns about the difficulty of refinancing and liquidity, with limited access for Russian companies to international capital markets. "Negative" forecast on ratings of "The System" is due to Moody's concerns about the liquidity of the company over the next 12 months. In addition, analysts are concerned that the problems that may arise in connection with the deteriorating situation in the operating environment of the company and the credit markets will adversely affect the ability of companies to implement their plans in 2009 and address the challenges of attracting liquidity in early 2010. The negative pressure on the ratings of the system may, if the company will face difficulties in implementing certain steps aimed at supporting the overall liquidity of the group and improved operating performance, as well as in the case of weakening credit profiles of major subsidiaries, "the system".
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