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Fitch rates Emirates Telecom AA-
Fitch Ratings said it assigned Emirates Telecom Corp. a long-term foreign-currency issuer default rating of AA-.
The outlook is stable.
The rating reflects Emirates strong operational and strategic ties with the United Arab Emirates government, its 60.03% owner. It is stipulated by law that state ownership cannot go below 60%.
Fitch said it understands the government is behind the company's expansion plans and fully supports its business.
The rating also assumes the UAE will continue to be a major revenue and EBITDA contributor to the company's consolidated financials in the long-term despite rising contribution from international investments, the agency added.
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