Moody's downgrades Optus to A1

Moody's Investors Services said it downgraded the senior unsecured long-term ratings of Optus Finance Pty Ltd. to A1/ provisional A1 from Aa3/provisional Aa3.

The outlook was revised to stable from negative.

Optus' short-term provisional P-1 rating was unaffected by the action and was affirmed.

"The downgrade reflects the weakening in Optus' credit profile at the previous rating level, with trend in elevated leverage, intensely competitive operating environment, and business profile that is comparatively weak compared to major telcos at that rating level," Moody's senior vice president Ian Lewis said in a news release.

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