OREANDA-NEWS. March 15, 2010. Fitch Ratings Agency upgraded long-term issuer default rating (IDR) of Sibirtelecom OJSC and three other subsidiaries of Svyazinvest OJSC (Centertelecom OJSC, North-West Telecom OJSC, Volgatelecom OJSC) to ‘BB’ with Stable Outlook.

The rating agency believes that the incumbents’ operating and financial performance proved strongly resilient in the downturn, with revenues growing, margins improving and subscriber base and telecoms usage broadly stable.

Fitch Ratings also notes that all of the incumbents have benefited from a more streamlined financial and operating strategy across Svyazinvest group. There is a strong potential for more synergies if a proposed Svyazinvest restructuring to merge all of its operating subsidiaries into a single company is successfully implemented.

Sheifer, First Deputy General Director – Director on Economy and Finances of Sibirtelecom OJSC, noted: “That is a very important and positive event for the Company, regarding current volatility of international financial markets. I would like to underline that ‘BВ’ rating assigned by Fitch Ratings confirms that we are going the right way. This upgrade supports the reputation of Sibirtelecom OJSC as a reliable borrower”.