S&P upgrades Sistema's credit rating to BB

Moscow, 15 September 2020 - Sistema PJSFC (hereinafter, "Sistema" or "the Corporation") (LSE: SSA; MOEX: AFKS), a Russian public diversified holding company, announces that S&P rating agency has upgraded Sistema's credit rating from BB- to BB, with a stable outlook.

Vladimir Travkov, Sistema's Vice President for Finance, said,

"The rating upgrade by S&P reflects the Corporation's achievements in continuously growing the value of our assets, reducing financial leverage, and optimising the debt portfolio. The rating agency also highlights the resilience of our diversified asset portfolio amid the COVID-19 pandemic and the recent removal of collateral from the MTS shares pledged under a loan with Sberbank".

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Sistema PJSFC is a Russian publicly-traded diversified holding company serving over 150 million customers in the sectors of telecommunications, high technology, banking, retail, timber processing, agriculture, real estate, tourism and healthcare services. The company was founded in 1993. Its revenue in 2019 reached RUB 656.9bn; its total assets equalled RUB 1.3tn as of 31 December 2019. Sistema's global depositary receipts are listed under the "SSA" ticker on the London Stock Exchange. Sistema's ordinary shares are listed under the "AFKS" ticker on Moscow Exchange. Website: www.sistema.ru

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