Fitch affirms Etisalat

Fitch Ratings said it affirmed Emirates Telecommunications Corp.'s (Etisalat) long-term foreign-currency issuer default rating at A+.

The outlook is stable.

The affirmation reflects an expectation that the company's management will maintain a conservative financial policy, with a maximum gross debt-to-EBITDA ratio of 2.5x and continue to generate substantial majority of group EBITDA from the local United Arab Emirates market by 2012 through 2013, Fitch said.

The rating also reflects an assessment of the sovereign's creditworthiness, given Etisalat's strong operational and strategic ties with the UAE, the agency said.

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