The international rating agency Standard & Poor's promoted the Russian telecommunications provider Uralsvyazinform’s long-term credit rating from B+ to BB-. Besides, all the ratings were taken off the agency’s CreditWatch list and have Positive outlook.

‘This promotion means we believe the company’s financial profile has come to look better recently,’ says Standard & Poor's credit analyst Alexander Gryaznov.

‘The company’s liquidity estimates were improved from Weak to Sufficient since Uralsvyazinform managed to reduce its dependence on short-term debts this year, he explained.

The rating is still badly affected by the company’s being risk-prone due to the weakness of the Russian financial markets and its need to control expenses and stay profitable; in addition, the provider has to face fierce competition on the local mobile communication market; finally, its liquid assets management has for a long time remained quite aggressive,’ the agency’s analysts report.

Standard & Poor's promises to call off the rating once the company has merged with OAO Rostelecom, for Uralsvyazinform will no longer exist as an independent legal entity upon the completion of the merger.