S&P rates Mobiltel notes BB+

Standard & Poor's said it assigned its BB+ long-term corporate credit rating to Mobiltel AD. At the same time, S&P assigned its BB+ long-term debt rating to the proposed €200 million senior notes to be issued by Mobiltel's subsidiary, Mobiltel Finance BV. The outlook is stable.

S&P said the ratings are constrained by the low purchasing power of mobile telephony subscribers on an aggregate basis in the Republic of Bulgaria (foreign currency BBB-/stable/A-3; local currency BBB/stable/A-3) and low demand for higher margin value-added data services.

"The ratings are supported by Mobiltel's very strong market position as the largest mobile operator in Bulgaria, with three million subscribers at Sept. 30 and an approximate 67% subscriber market share," said S&P credit analyst Michael O'Brien.

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