S&P affirms Orascom

Standard & Poor's said it affirmed its long-term B+ corporate credit ratings on Orascom Telecom Holdings SAE and related finance subsidiary Orascom Telecom Finance SCA.

The outlook is stable.

The agency said that the affirmation follows the recent announcements of Orascom's sale of 100% of subsidiary Iraqna Company for Mobile Services for $1.2 billion and its 14.2% remaining stake in Hutchison Telecommunications International Ltd., which over time will boost Orascom's liquidity, following completion and receipt of funds.

While long-term upside from the Iraqi market will no longer be a growth factor for Orascom, the liabilities related to license payments and security risks related to operating in the Iraqi market are removed, S&P noted.

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