VimpelCom Ltd -- Moody's: VimpelCom's sale of 51% stake in Djezzy is credit positive

London, 03 February 2015 -- Moody's Investors Service has today said that VimpelCom Ltd's (Ba3 on review for downgrade) completion of the sale of a 51% stake in its indirect subsidiary Orascom Telecom Algerie SpA (Djezzy, unrated) to the Algerian National Investment Fund, Fonds National d'Investissement (FNI, unrated) is credit positive for VimpelCom because it generates a cash inflow of $3.8 billion, which VimpelCom will use to reduce debt. In addition, Moody's expects that VimpelCom will start receiving regular dividends from Djezzy, which so far have not been paid because of restrictions set by the Algerian authorities which are now settled.

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