Fitch upgrades BT Group

Fitch Ratings said it upgraded BT Group plc’s long-term issuer default rating to BBB+ from BBB following the closing of the EE transaction.

The outlook is stable.

BT Group’s short-term issuer default rating was affirmed at F2.

British Telecommunications plc’s long-term issuer default rating also was upgraded to BBB+ from BBB, along with its senior unsecured rating to BBB+ from BBB.

British Telecommunications’ short-term issuer default rating was affirmed at F2 and its commercial-paper program was affirmed at F2.

The upgrade follows improved diversification and operating profile achieved through the acquisition, Fitch said, along with an enhanced cash flow scale.

The company’s ability to manage costs, deliver top-line growth and commitment to stated financial policies positions it well in the BBB+ rating category, the agency said.

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