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Moody's Interfax Rating Agency (MIRA) withdraws MGTS's Aa3.ru rating

June 23, 2011 | Moody's Investors Service

Moscow, June 23, 2011 -- Moody's Interfax Rating Agency (MIRA) has
withdrawn the national scale rating Aa3.ru of Moscow City Telephone
Network (MGTS) (PJSC) following reorganization of its parent company
Comstar (rating withdrawn).

Please see ratings tab on the issuer/entity page on moodys.com for
information on Global Scale Rating.

RATINGS RATIONALE

Moody's Investors Service has withdrawn the credit rating for its own
business reasons. Please refer to Moody's Investors Service's Withdrawal
Policy, which can be found on our website, www.moodys.com.

Moody's withdrawal of MGTS's rating reflects the rating agency's view
that, following the exit of the influential minority shareholder
Svyazinvest from the capital of MGTS in October 2010, MGTS and its new
direct parent MTS should be considered a single strategic entity, with
the key strategic and operating functions, including treasury and
financial reporting in accordance with the International Financial
Reporting Standards (IFRS), centralised at the parent level.

Following the exit of Svyazinvest the companies of MTS group and MTS's
parent Sistema (Ba3, stable) became holders of 99% of MGTS's common
shares. Moody's withdrew the rating of Comstar, a fixed-line operator,
formerly a subsidiary of MTS and parent of MGTS, on 1 April 2011,
following its merger with MTS. MGTS remains a separate legal entity
within the MTS group.

The following ratings have been withdrawn:

NSR: Aa3.ru

Company: MGTS

Full company namePublic Joint Stock Company Moscow City Telephone Network (MGTS)
Country of riskRussia
Country of registrationRussia
IndustryCommunication

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