OREANDA-NEWS. Open Joint Stock Company “MegaFon” (LSE: MFON), a leading Russian telecommunications operator (“MegaFon” or “the Company”), announces that the International Rating Agency Moody's Investors Services (“Moody's”) has changed its outlook on MegaFon's rating from “negative” to “stable” and affirmed the Company's international corporate “Baa3” rating.

According to Moody's, the affirmation of MegaFon's “Baa3” rating reflects the Company's strong position in the Russian mobile market, supported by extensive 3G and 4G offerings and an expanded retail network, as well as sustainable operating performance, resulting in strong liquidity, and long-term debt maturity profile.

Gevork Vermishyan, Chief Financial Officer of MegaFon, commented on the Moody's announcement as follows:

“We are very pleased with the decision of Moody's. We believe that this change in outlook and the affirmation of our corporate rating at “Baa3”, which is the highest rating from Moody's in the Russian telecommunications space, reflects MegaFon's robust operational cash generation capacity, continuously strong financial metrics and solid corporate governance profile”.