Fitch affirms MTN

Fitch Ratings said it affirmed MTN Group Ltd.'s national long-term ratings at AA-(zaf).

The outlook is stable.

The affirmation reflects strong subscriber growth in MTN's markets that have low mobile penetration, Fitch said. This has driven MTN's strong operating cash flow generation and underpinned its profitability, which in turn contributed to an improved net leverage (adjusted net debt-EBITDAR- ratio of 0.4x in 2008, the agency said.

The outlook reflects the belief that MTN's business profile remains well-positioned in the medium-term to weather the industry's challenges, including increasing competition in its core markets, Fitch added.

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