S&P LOWERS RATINGS ON 8 RUSSIAN CORPORATES; OUTLOOK NOW NEGATIVE

NEW YORK, Aug. 13 /PRNewswire/ -- Standard & Poor's today lowered its
ratings to single-'B'-minus from single-'B'-plus on eight Russian corporates
(see list below). 
At the same time, Standard & Poor's revised the outlook to negative from
stable.  The rating action is triggered by today's downgrade of the Russian
Federation.  The corporate credit ratings of all these companies are currently
at the sovereign level. 
OUTLOOK: NEGATIVE 
The outlook reflects the newly revised outlook on the Russian Federation.
-- CreditWire 


                                                  RATINGS LOWERED
                                                    TO     FROM
    Almazy Rossii - Sakha Co. Ltd.
    Corporate credit rtg                             B-     B+
    Rostelecom
    Corporate credit rtg                             B-     B+
    Bank loan rtg                                    B-     B+
    Moscow City Telephone Network(JSC)
    Corporate credit rtg                             B-     B+
    Senior unsecured                                 B-     B+
    OAO Lukoil
    Corporate credit rtg                             B-     B+
    LukInter Finance B.V.
    Senior unsecured (Gtd by OAO Lukoil)             B-     B+
    Mosenergo (AO)
    Corporate credit rtg                             B-     B+
    Mosenergo Finance B.V.
    Senior unsecured (Gtd by Mosenergo (AO))         B-     B+
    Irkutskenergo, AO EiE
    Corporate credit rtg                             B-     B+
    Senior unsecured                                 B-     B+
    Tatneft (A.O.)
    Corporate credit rtg                             B-     B+
    Tatneft Finance PLC
    Senior unsecured (Gtd by Tatneft AO)            B-     B+
    Vimpel-Communications, Open Joint Stock Co.
    Corporate credit rtg                            B-     B+



SOURCE  Standard & Poor's CreditWire 
-0-                             08/13/98 
/CONTACT:  Christian Wenk, London, 44-171-826-3511, or Michael J. Crehan,
New York, 212-208-5788, both of S&P/ 
/Web site:  http://www.ratings.standardpoor.com/ 
CO:
ST:  Russia
IN:  FIN
SU:  RTG
-0- Aug/13/1998   15:11
EOS   (PRN)    Aug/13/98    15:11      86
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-0- (PRN) Aug/13/  98   15:26