MOSCOW, March 14 (RIA Novosti) - International ratings agency Standard & Poor's has raised its long-term corporate rating on mobile phone operator MegaFon by one notch from B+ to BB- with a stable outlook, the agency said Tuesday.
S&P also raised MegaFon's long-term Russian scale rating from ruA+ to to ruAA-.
S&P credit analyst Lorenzo Sliusarev said: "The improved rating reflects the company's strengthening business profile, marked by its expanding scale, improving network quality and reach, resilient market share despite a tough competitive environment, positive operating performance, and improving profitability. In addition, MegaFon's financial risk exposure is stabilizing and is expected to improve in the short-to-medium term."
