OREANDA-NEWS. On August 29, 2008 Sistema (LSE: SSA), the largest public diversified corporation in Russia and the CIS, which manages fast growing companies operating in the consumer services sector, announced that Standard & Poor's rating agency (S&P) has upgraded Sistema's corporate rating from BB- to BB level with a stable outlook, reported the press-centre of Sistema.

The senior unsecured rating has also been upgraded to ВВ.

Alexey Buyanov, Senior Vice President and Head of Finance at Sistema, commented: "We are pleased that S&P today raised Sistema's corporate rating to BB, despite the prevailing difficult conditions in the current credit markets. This reflects, in our view, the balanced strategy with respect to the Group's loan portfolio and its liquidity level, as well as the financial stability of Sistema and its subsidiaries."