STANDARD & POOR'S CUTS RATINGS ON 8 RUSSIAN CORPORATES; ON WATCH

Negative 
LONDON, Aug. 17 /PRNewswire/ -- Standard & Poor's today lowered its
ratings on eight Russian corporates.  The ratings on six companies have been
cut to double-'C' and two other companies have been cut to triple-'C'-minus
(see list below).  All these companies were previously rated single-'B'-minus
with a negative outlook.  All ratings are placed on CreditWatch with negative
implications. 
The rating actions follow this morning's announcement that the Russian
government has placed a 90-day moratorium on foreign currency debt repayments
of private sector issuers.  Although details are still unclear, maturing
obligations of at least some corporate issuers likely will be affected (see
related press release on the sovereign ratings of the Russian Federation). 
The rated corporate issuers that have foreign currency debt payments
within the moratorium period have been downgraded to double-'C' as a default
is increasingly probable.  The rated corporate issuers that do not have any
foreign currency debt payments during this period have been downgraded to
triple-'C'-minus to reflect the substantially increased risk of default
following today's announcement, Standard & Poor's said. -- CreditWire 


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



SOURCE  Standard & Poor's CreditWire 
-0-                             08/17/98 
/CONTACT:  Juan Jose Garcia Seijo, 44-171-826-3642, or Christian Wenk,
44-171-826-3511, or Michael J. Crehan, 212-208-5788, all of Standard & Poor's/ 
/Web site:  http://www.ratings.standardpoor.com/ 
CO:
ST:  New York
IN:  FIN
SU:  RTG
-0- Aug/17/1998   13:24
EOS   (PRN)    Aug/17/98    13:25      86
â
-0- (PRN) Aug/17/  98   13:40
 
 
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