NCR Affirms MTS’s Credit Rating at With Stable Outlook

January 22, 2024
MOSCOW, Russia – Mobile TeleSystems Public Joint Stock Company (“MTS” or “the Company”) (MOEX: MTSS), a digital ecosystem, announces that National Credit Ratings LLC (NCR), a Russian rating agency, has affirmed MTS’s credit rating at with a stable outlook.
NCR noted a number of important operational factors that had an impact on its decision to affirm MTS’s highest level of rating:
  • MTS’s business profile is associated with a low market risk thanks to the stability of the Company’s key markets of operations (provision of telecommunication services) and their moderate potential for growth.
  • The Company’s markets of operations in Russia are marked by a wide-ranging geographical footprint and a stable client base: MTS’s services are used by a considerable portion of Russian households and companies in various economic sectors.
  • Moderate level of debt and debt service cushion, robust operating margins as well as its sufficient liquidity.
  • The Company’s funding strategy, involving regular dividend payments, has resulted in negative equity, which had a moderating effect on NCR’s assessment of MTS’s financial profile.
  • Low shareholder risks and a positive assessment of the quality of the Company’s corporate governance further supported MTS’s high standalone credit assessment.
  • The Company’s bond issues are unsecured senior debt, with no subordination or collateral adjustments provided for them; the credit ratings of the bond issues are the same that of MTS:
NCR also affirmed the credit ratings of 10 issues of MTS bonds (RU000A104T04, RU000A104SU6, RU000A104WJ1, RU000A1051T3, RU000A105NA6, RU000A105ZP8, RU000A106BQ5, RU000A106VD1, RU000A1075E4, RU000A1078S8) at the level of
The full text of NCR’s release affirming MTS’s rating is available here.
Earlier, rating agencies Expert RA and ACRA also confirmed MTS’s credit rating at the highest level of AAA(RU) on the national scale, the rating outlook is stable, due to high assessment of the industry’s risk profile, the Company’s strong market and competitive positions, as well as stable financial indicators.

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For further information, please contact in Moscow:
Investor Relations Department
Mobile TeleSystems Public Joint Stock Company
Tel: +7 495 223 2025
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Mobile TeleSystems Public Joint Stock Company (“MTS” – MOEX: MTSS) is Russia’s ecosystem providing network-native digital services and largest mobile operator. The company offers a full range of solutions for consumers and business customers across wireless and wireline connectivity; over-the-top, linear, and satellite television; digital-first banking and financial services; as well as unified communications, cloud computing and IoT. There are more than 88 million mobile subscribers using MTS services across the company’s operations in Russia, Armenia, and Belarus, including more than 80 million subscribers in Russia alone. In addition, MTS has a nationwide network of more than 4,600 owned and franchised retail outlets in Russia, and provides nearly 10 million clients with broadband, TV, and/or fixed-line telephone connectivity, over 12 million users – with OTT and pay TV services. The number of ecosystem clients exceeds 14 million. MTS’s shares are listed on the Moscow Exchange under the ticker MTSS. For more information, please visit the company’s Investor Relations website at
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Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of MTS, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are forward-looking statements, including, but not limited to, statements regarding our voluntary deregistration, the timing of the effectiveness of the Form 15F, and our future filing obligations and disclosure plans. You can identify forward looking statements by terms such as “expect,” “believe,” “anticipate,” “estimate,” “intend,” “will,” “could,” “may” or “might,” and the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We do not undertake or intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. We refer you to the documents MTS files from time to time with the U.S. Securities and Exchange Commission, specifically the Company’s most recent Form 20-F. These documents contain and identify important factors, including those contained in the section captioned “Risk Factors” that could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, the severity and duration of current economic and financial conditions, including the ongoing geopolitical situation relating to the conflict in Ukraine, the expansion of sanctions imposed on the Russian Federation by the United States, European Union and United Kingdom, volatility in interest and exchange rates (including fluctuations of the value of the Russian ruble against the U.S. dollar and the Euro), commodity and equity prices and the value of financial assets; the impact of Russian, U.S. and other foreign government programs to restore liquidity and stimulate national and global economies, our ability to maintain our current credit rating and the impact on our funding costs and competitive position if we do not do so, strategic actions, including acquisitions and dispositions and our success in integrating acquired businesses, potential fluctuations in quarterly results, our competitive environment, dependence on new service development and tariff structures, rapid technological and market change, acquisition strategy, risks associated with telecommunications infrastructure, governmental regulation of the telecommunications industries and other risks associated with operating in Russia and the CIS, volatility of stock price, financial risk management and future growth subject to risks.
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