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Research Update: Ukraine-Based Kyivstar Ratings Raised To 'BB-' On Strong Market Performance; Outlook Stable Jan 06

  • ID: 1831586
  • January 2006
  • Standard & Poors

On Jan. 16, 2006, Standard & Poor's Ratings Services raised its long-term corporate credit ratings on Ukraine-based mobile telecommunications operator CJSC Kyivstar GSM (Kyivstar) to 'BB-' from 'B+'. The outlook is stable. At the same time, the long-term senior unsecured debt rating on the company's loan-participation notes issued by Dresdner Bank AG (A/Stable/A-1) was raised to 'BB-' from 'B+'. The rating action reflects Kyivstar's continued strong market performance. It also reflects growth in subscribers, EBITDA, and operating cash flow generation in excess of earlier expectations. Faster-than-anticipated growth has primarily been driven by accelerated mobile penetration growth in Ukraine, which has been triggered by increased competition. Kyivstar has successfully defended its strong market position, with 13.9 million subscribers at year-end 2005,...

Companies mentioned in this report are: CJSC Kyivstar GSM,Telenor ASA
Action: Upgraded

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CJSC Kyivstar GSM,Telenor ASA

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