SENS Note - 03 October 2016

MTN - S&P credit ratings

On September 16, 2016, S&P lowered its long-term ratings on Nigeria to 'B' from 'B+' on Weak Growth Dynamics; Outlook Stable. The sovereign downgrade reflects increased risk for MTN Group, as MTN Nigeria is a significant contributor to the Group. On review of MTN’s ratings, S&P lowered the Group’s long-term corporate credit rating to 'BB+' from 'BBB-' as well as its South Africa national scale rating to 'zaA+' from 'zaAA’, Outlook Stable. S&P also lowered its issuer rating on the Group's existing senior unsecured debt to 'BB+' from 'BBB-', Outlook Stable. S&P maintains a cap of two notches above the blended sovereign rating of Nigeria and South Africa which is currently 'BB-'.

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