London, 18 September 2014 -- Moody's Investors Service has today placed on review for downgrade the Ba2 corporate family rating (CFR) and the Ba2-PD probability of default rating (PDR) of Sistema Joint Stock Financial Corporation (Sistema). Concurrently, Moody's has placed on review for downgrade the Ba2 CFR and the Ba2-PD PDR of Bashneft, which is a 74% subsidiary of Sistema.

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