May 13. International rating agency Moody's has upgraded the outlook of VimpelCom's Ba2 corporate rating from stable to positive, the agency said in a press release. The revised outlook reflects the company's strong operating and financial indicators, its status as the second largest mobile operator in Russia and the CIS, improved positions on the CIS market, the acquisition of fixed-line operator Golden Telecom and limited risk of refinancing, Moody's experts noted. VimpelCom has improved its positions in the category, which equals the Ba2 rating, over the last 12 months due to reduced leverage and generated free cash flow for the second year in a row. The agency's analysts point out that the acquisition of Golden Telecom will support the company's business profile which has been evolving into the country's first fully integrated telecom provider. Meanwhile, Moody's is cautious about the merger and will closely monitor the process. Taking into account the positive outlook, VimpelCom has a good chance of seeing its rating upgraded following a successful merger with Golden Telecom along with upbeat financial performance.