S&P: Orascom Telecom view negative

Standard & Poor's said it revised the outlook on Orascom Telecom Holdings SAE to negative from stable following the downgrade of 100%-owned subsidiary Pakistan Mobile Communications Ltd. (B/negative).

Orascom Telecom Finance SCA's B- rating on its $750 million senior unsecured notes was affirmed, along with the B+ long-term corporate credit ratings.

The outlook revision reflects concerns that a weakening economic environment in Pakistan (foreign-currency CCC+/negative/C; local-currency B-/negative/C) may result in lower-than- expected returns from the Pakistani market for Orascom Telecom, according to the agency.

Total adjusted debt-to-EBITDA ratio was 3.5x for the 12 months ended June 30.

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