S&P drops Mobilink

Standard & Poor's said it lowered its long-term corporate rating on Pakistan Mobile Communications Ltd. to B from B+.

The outlook remains negative.

At the same time, S&P said it lowered its issue rating on Mobilink's senior unsecured notes to B from B+, adding that the rating actions follow the agency's decision to lower the long-term and short-term sovereign credit ratings on Pakistan (foreign currency CCC+/negative/C; local currency B-/negative/C) along with affirmation of the negative outlook.

The lowering of the rating reflects Mobilink's increased exposure to funding risks and a potential overall economic slowdown as a result of the sovereign action, the agency said.

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