Fitch placed the ratings of AFK “Sistema” and MTS on review for possible downgrade


MOSCOW, June 28. /TASS/. International rating Agency Fitch placed the ratings of Sistema’s mobile operator MTS (AFK is the controlling shareholder of the operator from 50.03%) in the list on review for possible downgrade. About it reported in a press release from the Agency.

The rating action followed the arrest 31,76% stake in MTS, owned by Sistema, in the framework of interim measures under the claim “Rosneft” to the company on 170,6 billion.

Currently, long-term Issuer default rating of AFK “Sistema” in foreign and national currency at level “BB -” long-term and short-term ratings of MTS at the level “BB-/B”.

In early may, “Rosneft” and affiliated “Bashneft” has submitted to Arbitration court of Bashkiria the claim with the requirement to recover from Sistema and ZAO “Sistema-invest” 106,6 billion roubles of the losses caused by “Bashneft” as a result of its reorganization in 2014. Subsequently, the amount of claims increased to 170,6 billion rubles taking into account the devaluation of the ruble. The lawsuit was also joined by Bashkortostan, which owns 25% plus one share in Bashneft.

The court at the request of Rosneft seized 31,76% of MTS shares, 100% of the network of clinics “Medsi” and 90,47% of shares of Bashkir power grid company (BESK).

From 2005 to 2014 “Bashneft” was part of the AFK “System” Vladimir Yevtushenkov, after which he was returned to state ownership. In 2016 50,1% of shares of “Bashneft” bought “Rosneft”, paying for a package of 329.7 billion. Later, after the offer to minority shareholders, “Rosneft” began to control 57.7% of the share capital of “Bashneft”.

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