Sistema PJSFC (SSA) 
Sistema PJSFC: Fitch Ratings upgrades Sistema's credit rating to BB 
25-Jun-2021 / 19:28 MSK 
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Fitch Ratings upgrades Sistema's credit rating to BB 
 
Moscow, 25 June 2021 - Sistema PJSFC ("Sistema" or "the Corporation") (LSE: SSA; MOEX: AFKS), a Russian public 
diversified holding company, announces that Fitch Ratings has upgraded Sistema's credit rating from BB- to BB, with a 
stable outlook. 
 
Vladimir Travkov, Sistema's Vice President for Finance, said: 
 
"The ratings upgrade to BB by Fitch reflects a substantial transformation of our portfolio of assets in recent years, 
including significant increases in the scale of businesses at Segezha Group, Agroholding Steppe and Medsi, an increase 
in the proportion of liquid assets in our portfolio on the back of IPOs of Segezha Group and Ozon, resilience of the 
Corporation's diversified portfolio amidst the COVID-19 pandemic, as well as elimination of foreign currency risk in 
our debt portfolio given that 100% of the Corporation's financial liabilities are now denominated in roubles." 
 
In May 2021, ratings agency S&P affirmed Sistema's rating at BB and raised the outlook to positive, meaning that the 
rating may be upgraded over the next 12-18 months. 
 
 
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Sistema PJSFC is a publicly traded Russian investment company with a diversified portfolio of assets serving over 150 
million customers in the sectors of telecommunications, high technology, financial services, retail, paper and 
packaging, agriculture, real estate, tourism and medical services. The company was founded in 1993. Revenue in 2020 was 
RUB 691.6 billion; total assets equalled RUB 1.4 trillion as of 31 December 2020. 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 the Moscow Exchange. Website: www.sistema.com. 
 
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For further information, please visit www.sistema.com or contact: 
 
Investor Relations              Public Relations 
Nikolai Minashin                Sergey Kopytov 
Tel.: +7 (495) 730 66 00        Tel.: +7 (495) 228 15 32 
n.minashin@sistema.ru           kopytov@sistema.ru ----------------------------------------------------------------------------------------------------------------------- 
ISIN:          US48122U2042 
Category Code: MSCM 
TIDM:          SSA 
LEI Code:      213800JSZ2UUK4QQK694 
Sequence No.:  113783 
EQS News ID:   1212326 
 
End of Announcement  EQS News Service 
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June 25, 2021 12:29 ET (16:29 GMT)