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 rating reflects an assessment of the sovereign's creditworthiness, given Etisalat's strong operational and strategic ties with the United Arab Emirates, Fitch said.

Etisalat is 60.03%-owned by the state, the agency said, and it is stipulated by law that state ownership cannot be less than 60%.

The rating also reflects the slow-down in group revenue growth and pressure on group operating margins in 2010 and the first quarter of 2011, Fitch said.

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