TEXT-Fitch assigns Sistema International Funding ‘BB-(exp)’ rating

May 4 – Fitch Ratings has assigned Sistema International Funding S.A.’s
proposed loan participation notes (LPNs) a ‘BB-(exp) expected rating. The
proposed notes will be issued on a limited recourse basis for the sole purpose
of funding a loan by Sistema International Funding S.A. to Sistema Joint Stock
Financial Corp. (Sistema, ‘BB-‘/Stable). LPN holders will largely benefit from
the same rights, and face the same risks as senior unsecured creditors to
Sistema.

The final rating of the issue i