MTN Group Limited Credit Rating downgraded by Moody’s

Date:

Moody’s Investors Service, (“Moody’s”) has downgraded MTN Group Limited’s (MTN) corporate family rating (CFR) to Ba2 from Ba1.

Thank you for reading this post, don't forget to subscribe!

The rating outlook remains negative in line with the sovereign outlook.

Moody’s has stated that the rating action is a direct consequence of the rating action on the South African sovereign and reflects

MTN’s material exposure to South Africa which is a key market for MTN. Moody’s has also considered MTN’s other key market

Nigeria (B2 negative) where it also views the country risk as elevated and where the market is currently experiencing shortage of dollar liquidity.

Notwithstanding the ratings action, Moody’s has acknowledged that the Company’s financial and operating performance has been resilient in the current year despite the challenges created by the COVID-19 pandemic.

Moody’s will however continue to monitor the sovereign ratings or regulatory risks in MTN’s other key markets and will continue to weigh these against the resilience of MTN’s underlying credit profile.

For commentary on details ratings taken please refer to Moody’s press release available on their website:

The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS.

The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on information disseminated through SENS.


Discover more from Naija247news

Subscribe to get the latest posts to your email.

Share post:

Subscribe

Popular

More like this
Related

Nickie Dabarbie set to release drug test result, vows to sue Skiibii

April 25, 2024. Azonuchechi Chukwu. TikTok influencer, Nickie Dabarbie is set...

Over 100 Inmates Escape As Rain Destroys Suleja Prisons

April 25, 2024. Azonuchechi Chukwu. At least 119 inmates of the...

American Rapper Kanye West Joins Adult Industry

April 25, 2024. Azonuchechi Chukwu. American rapper Kanye West is set...

Suspected Gunmen Kill Police Inspector In Rivers

April 25, 2024. Azonuchechi Chukwu. Suspected armed robbers on Wednesday night...

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading