SOURCE: Golden Telecom

November 16, 2006 11:25 ET

Moody's Upgrades Golden Telecom to Ba3

MOSCOW -- (MARKET WIRE) -- November 16, 2006 -- Golden Telecom, Inc. ("Golden Telecom" or the "Company") (NASDAQ: GLDN), a leading facilities-based provider of integrated telecommunications and Internet services in major population centers throughout Russia and other countries of the Commonwealth of Independent States ("CIS"), announces that Moody's Investors Service has upgraded the corporate rating of Golden Telecom from B2 to Ba3, with a stable outlook.

Jean-Pierre Vandromme, Chief Executive Officer of Golden Telecom, said, "The new rating reflects the strong financial position of Golden Telecom and confirms our position as one of the leading telecom services providers in Russia and the CIS. Our strategy of expansion both into new market segments and regions allows us to grow rapidly and profitably. We work with leading financial institutions to create additional value for our shareholders."

About Golden Telecom (www.goldentelecom.com):

Golden Telecom, Inc. (NASDAQ: GLDN) is a leading facilities-based provider of integrated telecommunications and Internet services in major population centers throughout Russia and other countries of the CIS. The Company offers voice, data and Internet services to corporations, operators and consumers using its metropolitan overlay network in major cities including Moscow, Kiev, St. Petersburg, Nizhny Novgorod, Samara, Kaliningrad, Krasnoyarsk, Almaty, and Tashkent, and via leased channels and intercity fiber-optic and satellite-based networks, including approximately 287 combined access points in Russia and other countries of the CIS. The Company offers mobile services in Kiev and Odessa.

Contact Information

  • For additional information please contact:

    Public Relations:
    Anna Chin Go Pin
    e-mail: Email Contact
    tel.: +7-501-797-9300
    fax: +7-501-797-9332

    Investor Relations:
    Alexey Subbotin
    e-mail: Email Contact
    tel.: +7-501-797-9300
    fax: +7-501-797-9331

    www.goldentelecom.com