...Fitch Ratings views the #### outlook for the Russian/CIS TMT industry as stable overall. Operating and financial improvements are to continue in most segments, supporting the segment s fundamental creditworthiness. However, the tougher credit environment will take i ts toll, slowing growth and limiting funding options for many companies. Larger players, including the Big Three mobile operators MTS, Vimpelcom and Megafon have low leverage and strong free cash flow generation and are likely to benefit from the current environment as they will find it easier t o carry out bolt\##on acquisitions, although particularly large deals may prove difficult to finance. Smaller players, most notably Russian fixed\##line incumbents, will be facing heightened refinancing risks, and will be under pressure to reduce capex and improve free cash flow g eneration. The Russian economy and public finances continue to be in good shape. This fuels...
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