Global Telecoms Group VimpelCom Unsecured Debt Assigned 'BB' Issue Rating, '3' Recovery Rating Apr 12
- Language: English
- Published: April 2012
- Region: Global
MOSCOW (Standard & Poor's) June 12, 2009--Standard & Poor's Ratings Services said today that there is no immediate impact on the rating or outlook on Russian telecoms operator Vimpel-Communications (JSC) (VimpelCom; BB+/Negative/--) as a result of ongoing litigation between two of its shareholders, Telenor ASA (BBB+/Negative/A-2) and Farimex (not rated). Following a court ruling in March 2009, Telenor faces losing its 33.6% stake in VimpelCom if it fails to pay a $1.7 billion fine (see "Telenor Ratings Presently Unaffected By Administrative Freezing Of Vimpelcom Shares", published on March 13, 2009 on RatingsDirect). According to media reports, bailiffs have seized Telenor's stake and are ready to sell the shares at auction before the scheduled hearing of Telenor's appeal in September 2009....
Companies mentioned in this report are: Vimpel-Communications (JSC),Telenor ASA
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Vimpel-Communications (JSC),Telenor ASA