OREANDA-NEWS. On 29 August 2008 Mobile TeleSystems OJSC (“MTS” - NYSE: MBT), the largest mobile phone operator in Russia and the CIS, announced that Standard & Poor's Ratings Services has upgraded the long-term corporate credit rating of MTS to “BB” from “BB-“. The outlook on the ratings remains positive.

In a press release circulated today, S&P cites as reason for the upgrade: “the company's strong business characteristics, based on solid positions in the Russian and Ukrainian mobile markets. These characteristics include robust growth with steadily improving economies of scale; sound operating profitability; strong cash flows; and declining financial risk.”