S&P Global Ratings (S&P) upgrades MTN Group Limited’s stand-alone credit profile
MOBILE TELEPHONE NETWORKS HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration number 1993/001411/06)
(MTNH) or (the Company)
S&P Global Ratings (S&P) upgrades MTN Group Limited’s stand-
alone credit profile to ‘bbb-‘, from ‘bb+’
MTN Group Limited (MTN) is pleased to announce that S&P has
revised the Company’s stand-alone credit profile (which
excludes S&P’s view of government influence and sovereign
risk) up to ‘bbb-‘, from ‘bb+’. S&P has based this upgrade on
the progress made in deleveraging the balance sheet and their
expectation that MTN will not revert to higher leverage
levels.
S&P has also affirmed MTN’s ‘BB-‘long-term issuer credit
rating. S&P’s rating outlook remains stable, reflecting its
expectation that the blended sovereign rating of South Africa
and Nigeria- which are both assigned stable outlooks – is
unlikely to be lowered in the next 12 months.
Key factors underpinning S&P’s rating rationale include:
- MTN’s debt has been reduced sustainably by using proceeds
from the asset realization program (ARP) and solid
operating cash flow which was not materially affected by
the COVID-19 pandemic;
- S&P expects robust top-line growth in the forecast period,
despite near-term headwinds; and
- MTN’s business risk profile reflects the Company’s solid
competitive position and diversified operations, which
mitigate against high country risk and regulatory exposure.
For further details investors are referred to S&P’s press
release available on their website:
www.spglobal.com/ratingsdirect
For further information contact:
Thato Motlanthe, MTN Group Executive for Investor Relations
Tel: +27 83 869 3348 Email: Thato.Motlanthe@mtn.com
25 October 2021
Debt Sponsor: The Standard Bank of South Africa Limited,
acting through its Corporate and Investment Banking division.
Date: 25-10-2021 05:00:00
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