OREANDA-NEWS. Fitch Ratings has today assigned Sistema Capital S.A.'s guaranteed debt issuance programme a final "B+" rating. The programme, guaranteed by JSFC Sistema ("Sistema", rated "B+"/Positive Outlook), has a maturity of 30 years and may issue up to USD3 billion.

This rating action follows a review of the final terms and conditions, confirming information already received when Fitch assigned an expected rating of "B+" on 12 December 2006.

The programme is structured on par with Sistema's senior unsecured obligations. The documentation contains a number of covenants including negative pledge, limitation on leverage of up to 4x total debt to operating income before depreciation and amortisation (excluding debt of MBRD, Sistema's banking subsidiary), limitation on shareholder distributions (up to 50% of cumulative net income since 2003) and certain limitations on assets sale.