S&P LOWERS RATINGS ON RUSSIAN CORPORATES TO B+; OUTLOOK STABLE

LONDON, June 9 /PRNewswire/ -- Standard & Poor's today lowered its ratings
on the Russian entities listed below to single-'B'-plus from double-'B'-minus.
The ratings are removed from CreditWatch where they were placed with negative
implications on May 27, 1998.  The rating actions are triggered by the
downgrade of the foreign currency rating of the Russian Federation to
single-'B'-plus from double-'B'-minus.  The outlook on the Russian Federation
rating and on the following corporate credit ratings is stable. 


    ISSUER CREDIT RATINGS            TO                FROM
    OAO Lukoil/Moscow City
     Telephone Network (JSC)
     /Mosenergo (AO)
     Corp credit rtg
     Foreign currency          B+/Stable/--         BB-/Watch Neg/--
    Almazy Rossii -
     Sakha Co. Ltd./
     Rostelecom
     Corp credit rtg           B+/Stable/--         BB-/Watch Neg/--
    REVISED RATINGS                  TO                FROM
    LukInter Finance B.V.
    Sr unsecd debt
     (Gtd: OAO Lukoil)               B+             BB-/Watch Neg
    Moscow City Telephone
     Network (JSC)
     Sr unsecd debt                  B+             BB-/Watch Neg
    Rostelecom
    Bank loan rtg                    B+             BB-/Watch Neg
    Mosenergo Finance B.V.
    Sr unsecd debt
     (Gtd: Mosenergo (AO))           B+             BB-/Watch Neg


In addition, as a result of the action taken on the sovereign rating, the
outlook on Vimpel-Communications, Open Joint Stock Company's single-'B'-plus
corporate credit ratings has been revised to stable from positive, Standard &
Poor's said. -- CreditWire
 

SOURCE  Standard & Poor's CreditWire 
-0-                             06/09/98 
/CONTACT:  Juan Jose Garcia Seijo, London, 44-171-826-3642, or Helena
Hessel, New York, 212-208-1989, both of S&P/ 
/Web site:  http://www.ratings.standardpoor.com/ 
CO:
ST:  Russia
IN:  FIN
SU:  RTG 
-0- (PRN) Jun/09/98   09:10
EOS   (PRN)    Jun/09/98    09:10      86
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-0- (PRN) Jun/09/  98    9:25