Moscow, Russia - 7 July 2008 - Sistema-Hals OJSC (LSE, MICEX, RTS: HALS), a leading company in the Russian and CIS real estate market, today announced that the independent rating agency Moody's has confirmed its credit rating in foreign-currency at B1, outlook stable.

Moody's highlighted the following factors as influencing the level of the rating of Sistema-Hals: the company's leading positions in the real estate market; its focused business strategy targeting premium segments; and the high quality projects portfolio.

"Moody's has confirmed our credit rating. Given the unstable conditions on financial markets, this decision supports our positive assessment of our ability to raise the funding required to execute our investment programme,"- commented financial director Andrey Solovyev.