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S&P may lift Orascom
Standard & Poor's said it placed the B- long-term corporate credit rating on Orascom Telecom Holdings SAE and Orascom Telecom Finance SCA on CreditWatch with positive implications and the CCC issue rating on the $750 million senior unsecured notes issued by Orascom Telecom Finance was also placed on CreditWatch with positive implications.
The watch follows the announcement by Orascom Telecom's controlling shareholder Weather Investments SpA that it plans to merge with VimpelCom Ltd., the holding company that owns Vimpel-Communications (JSC) (BB+/Watch negative) and Ukrainian mobile operator CJSC Kyivstar GSM (not rated), according to the agency.
"We believe that Orascom Telecom's credit quality could improve if its debt maturity profile were extended or if its liquidity profile were to improve," S&P analyst Michael O'Brien said in a statement.
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