Moscow, February 20, 2004. Fitch Ratings has confirmed MBRD's B- long-term and B short-term international credit ratings in foreign currency. The outlook for both ratings is stable. Credit rating details: Sistema JSFC (S&P, ?-, stable outlook; Fitch, ?, stable outlook; Moody’s, B1, stable outlook) MTS OJSC (S&P, B+; Moody’s, ??3) MGTS OJSC (S&P, ?-, stable outlook) MBRD JSCB (Fitch, B-, stable outlook)