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Fitch affirms Silknet
Fitch Ratings said it affirmed JSC Silknet's long-term issuer default rating at B+ and removed it from rating watch positive.
The outlook is stable.
The agency said the action follows the acquisition of Geocell.
“The affirmation is driven by a significant rise in leverage and FX risks, with the acquisition financing package and available refinancing options likely leading to a majority of total debt being denominated in foreign currency,” Fitch said in a news release.
“Silknet's strategy suggests that the company may pursue further diversification including into financial services, which may require additional investments and delay deleveraging.”
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