On 14 December 2001 "Standard & Poor's" raised the long-term foreign exchange credit rating awarded to the Open Joint-Stock Company "Moscow City Telephone Network" (OJSC MGTS) from "CCC-" to "CCC+" (Forecast Stable)

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Moscow City Telephone	December 17, 2001
On 14 December 2001 "Standard & Poor's" raised the long-term foreign exchange credit rating awarded to the Open Joint-Stock Company "Moscow City Telephone Network" (OJSC MGTS) from "CCC-" to "CCC+" (Forecast Stable) Share

As was emphasized in the "Standard & Poor's" press release, the factors conducive to uplifting the Company's credit rating were as follows: Substantial expansion of the economic activity in Moscow that spurred an increased demand for telecommunications services; Augmentation of the income generating potentials associated with finalizing the Company's transport network construction. OJSC MGTS' demonstrated ability to repay and service the debt and to mitigate the risks of financing.