London, 18 November 2014 -- Moody's Investors Service has today downgraded Sistema Joint Stock Financial Corporation's (Sistema) corporate family rating (CFR) to B1 from Ba2 and probability of default rating (PDR) to B1-PD from Ba2-PD. The outlook on all ratings is negative. This concludes the review for downgrade initiated by Moody's on 18 September 2014.

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