S&P: Ukraine-Based Telco Kyivstar Ratings Withdrawn On Continuing Lack Of Audited Information
May 27, 2008
LONDON (Standard & Poor's) May 27, 2008--Standard & Poor's Ratings Services said today it withdrew its long-term corporate credit rating on Ukraine-based mobile telecommunications operator CJSC Kyivstar GSM and related senior unsecured debt rating on the loan participation notes issued by Dresdner Bank AG (A/Negative/A-1). We had suspended the ratings on Kyivstar and its senior unsecured debt on May 24, 2007; before this, the long-term corporate credit and senior unsecured debt ratings were 'BB-'.
The rating withdrawal reflects the ongoing lack of audited financial information from Kyivstar--a situation that is likely to continue over the medium term. We previously expected that we would receive fully audited financial information for 2007 by the end of April 2008. The rating withdrawal does not imply that Kyivstar is not servicing its obligations or that the company's operations or financial status have deteriorated. Kyivstar is the market-leading provider of mobile telecommunications services in Ukraine, with an estimated 42.6% subscriber market share at end-April 2008. Kyivstar has made unaudited financial information available for the years 2007 and 2006 and will furnish audited financial information by August 2009 at the earliest.
Company — Kievstar GSM
Full nameCJSC Kyivstar GSM