Moody’s Investors Service Upgraded STLC to Ba1 from Ba2

13.02.2019

On 12 February 2019 Moody’s Investors Service upgraded STLC’s long-term corporate family rating to ‘Ba1’ from ‘Ba2’ and revised the outlook to stable from positive. Also, the rating agency uplifted foreign currency backed senior unsecured debt rating of GTLK Europe DAC, the issuer of STLC’s Group Eurobonds, to ‘Ba2’ from ‘Ba3’ changing outlook to stable from positive.

Upgrade on STLC’s and GTLK Europe’s ratings followed Moody's upgrade of Russia's sovereign debt rating from ‘Ba1’ to ‘Baa3’ on 8 February 2019. STLC benefits from the enhanced creditworthiness of Russian government given its systemic importance, government ownership and role in discharging public policy, stated Moody’s in its press release.