TEXT-S&P rates VimpelCom unsecured debt ‘BB’, recovery rtg ‘3’

The issue and recovery ratings on the $500 million RCF available to VimpelCom Amsterdam
reflect our understanding that this instrument ranks pari passu with the debt at
Vimpel-Communications. Recovery prospects for the $500 million RCF lenders benefit from the fact
that VimpelCom Amsterdam is the holding company of the VimpelCom group’s other assets, as well
as the beneficiary of a promissory note (intercompany loan) to its direct subsidiary, VimpelCom
Holdings B.V. ($12.6 billion principal bala