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As at 31 December 2015, the following credit ratings were assigned to the Company by international rating agencies:
| Rating type | Rating | Rating outlook | Last review date |
|---|---|---|---|
| Standard & Poor's | |||
| Foreign currency long-term rating | BB+ | Negative | 04 February 2015 |
| Local currency long-term rating | BBB- | Negative | 04 February 2015 |
| Moody's | |||
| Long-term corporate credit rating | Ba1 | Stable | 04 December 2015 |
In February 2015, Standard & Poor’s (S&P) confirmed MegaFon’s long-term local currency rating and changed its long-term foreign currency rating. S&P affirmed its ‘BBB-’ local currency rating on the Company, noting that MegaFon’s profitability was above the industry average and the Company stood out for its well-balanced borrowing policy, sufficient liquidity and ability to service its debts. At the same time, S&P downgraded MegaFon’s foreign currency rating to ‘BB+’, following its assessment of risks associated with foreign currency payments.
In February 2015, Moody’s downgraded Russia’s sovereign credit rating to ‘Ba1’, while setting the country ceiling for ratings of Russian companies at ‘Ba1’. Following this revision, Moody’s changed MegaFon’s long-term corporate family rating to the said level, with a negative outlook. In December 2015, Moody’s changed MegaFon’s outlook to stable following its revision of Russia’s government bond rating outlook.