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North-West Telecom

December 26, 2008

The Standard & Poors rating agency has left the credit rating of OJSC North-West Telecom at the -level, with the "Stable" forecast

The Standard & Poors rating agency has published a report on OJSC North-West Telecom , in which the long-term international credit rating of OJSC North-West Telecom has been left at its previous - level, with the "Stable" forecast. The national rating of OJSC N.W.Telecom is also at its former level, ru-.

Analysts of the agency have noted that the rating has been positively influenced by the following factors:

- strong market positions of OJSC N.W.Telecom in the local communication segment;

- increasing efficiency of the Company's business;

- improvement of network quality;

- moderate level of the Company's debt load;

- adequate level of liquidity.

According to experts, the further improvement of the Company's income structure due to the growing number of broadband Internet access subscribers and the rigid cost control are positive factors in the operation of OJSC N.W. Telecom, which can be seen in the stable growth of OJSC North-West Telecom's business profitability. Thus, EBITDA margin   according to the results of the 1st six months of 2008 amounted to 40% against 36% in the 1st six months of 2007. OJSC N.W. Telecom's debt is also at a more preferable level as compared to similar companies.

"Under the present difficult conditions when we hear about reduced credit ratings of both countries and corporation s in fact every day, the fact that OJSC North-West Telecom 's credit rating has been left at its previous level confirms the correctness of the Company 's chosen development strategy. The high creditworthiness and the growing diversification of OJSC N.W. Telecom 's business allows us to look into the future with confidence", Venera Khusnutdinova, Deputy General Manager of OJSC N.W.Telecom in charge of Economics and Finance, said.




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