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 â -0- (PRN) Jun/09/ 98 9:25
S&P LOWERS RATINGS ON RUSSIAN CORPORATES TO B+; OUTLOOK STABLE
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