Rostelecom (NYSE: ROS; RTS, MICEX: RTKM, RTKMP), Russia's national long-distance telecommunications operator, today welcomed the decision by Standard & Poor's to upgrade Rostelecom's long-term credit rating to «B+» from «B» with a stable outlook.
S&P commented in its report that the change in rating reflects the Company's reduced exposure to financial risk and improved market position and business performance.
According to S&P, the effective measures Rostelecom management has taken to control costs and protect its market leadership have further enhanced the Company's credit profile. Rostelecom has benefited from an improved financial position, thanks to declining debt levels and continuing growth of long-distance traffic.
The stable outlook reflects Standard & Poor's expectations that Rostelecom will sustain its sound and improving capital structure and cash flow generation in the near to medium term.
Dmitry Yerokhin, General Director of Rostelecom, said: «This news is extremely positive for the Company and all its stakeholders. S&P's decision to raise Rostelecom's credit rating is recognition of the substantial efforts being made to improve operational efficiency and strengthen our competitive position.»
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