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Financial Corporation "Sistema"

June 25, 2021

Fitch Ratings Upgrades Sistema’s Credit Rating To BB

Sistema PJSFC ("Sistema" or "the Corporation") (LSE: SSA; MOEX: AFKS), a Russian public diversified holding company, announces that Fitch Ratings has upgraded Sistema credit rating from BB- to BB, with a stable outlook.

Vladimir Travkov, Sistema's Vice President for Finance, said:

The ratings upgrade to BB by Fitch reflects a substantial transformation of our portfolio of assets in recent years, including significant increases in the scale of businesses at Segezha Group, Agroholding Steppe and Medsi, an increase in the proportion of liquid assets in our portfolio on the back of IPOs of Segezha Group and Ozon, resilience of the Corporation diversified portfolio amidst the COVID-19 pandemic, as well as elimination of foreign currency risk in our debt portfolio given that 100% of the Corporation financial liabilities are now denominated in roubles.

In May 2021, ratings agency S&P affirmed Sistema rating at BB and raised the outlook to positive, meaning that the rating may be upgraded over the next 12-18 months.


Sistema PJSFC is a publicly traded Russian investment company with a diversified portfolio of assets serving over 150 million customers in the sectors of telecommunications, high technology, financial services, retail, paper and packaging, agriculture, real estate, tourism and medical services. The company was founded in 1993. Revenue in 2020 was RUB 691.6 billion; total assets equalled RUB 1.4 trillion as of 31 December 2020. Sistema's global depositary receipts are listed under the "SSA" ticker on the London Stock Exchange. Sistema's ordinary shares are listed under the "AFKS" ticker on the Moscow Exchange. Website:


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