Credit Ratings

In 2016, both S&P Global and Moody’s confirmed MegaFon’s credit rating of the previous year. In late 2016-early 2017, the rating outlooks changed after the rating agencies revised their outlook for Russia’s sovereign credit rating:

• in September 2016, S&P Global changed its outlook from “Negative” to “Stable”, and in March 2017, S&P Global changed its outlook for the foreign currency long-term rating from “Stable” to “Positive”;
• in February 2017, Moody’s changed its outlook from “Negative” to “Stable”.

MegaFon enjoys a rating equivalent to the sovereign credit rating, which enables it to borrow under the best conditions available on the market.