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Kyivstar Ratings Unchanged On Possible Breach Of Eurobond Information Covenant

February 26, 2007
LONDON (Standard & Poor's) Feb. 22, 2007--Standard & Poor's Ratings Services
said today that its ratings and outlook on Ukraine-based mobile
telecommunications operator CJSC Kyivstar GSM (BB-/Stable/--) remained
unchanged despite the possibility that the company might breach an information
covenant of its Eurobonds. The covenant requires the company to provide full
audited results for the previous fiscal year no later than April 30.
We consider Kyivstar's liquidity to be largely sufficient to make
interest payments on its outstanding debt, given on-balance-sheet cash and
cash equivalents of $473 million at Sept. 30, 2006, and the company's ongoing
satisfactory operating development. The company had total lease-adjusted debt
of $648 million at Sept. 30, 2006. Furthermore, if the information covenants
were breached, Standard & Poor's does not consider that investors would have
an incentive to force repayment of the bonds, given the level at which the
bonds are trading. We would be concerned, however, if the quality of
information we receive from Kyivstar declined due to the fact that it is
unable to provide timely audited financial statements. We will continue to
monitor developments regarding the possible appointment of an auditor and
provision of audited financial statements.
Company — Kievstar GSM
  • Full name
    CJSC Kyivstar GSM
  • Industry
    Communication