S&P raises Mobilink

Standard & Poor's said that it raised the long-term corporate credit rating on Pakistan Mobile Communications Ltd. (Mobilink) to B- from CCC+, along with the company's senior unsecured notes to B- from CCC+. All ratings were removed from CreditWatch, where they had been placed with positive implications in December.

The outlook is stable.

The upgrade reflects the improvement in parent, Orascom Telecom Holdings SAE's ability to support Mobilink, following a successful $800 million rights issue, S&P said, and a view that Mobilink will now face limited pressure to support its parent.

The upgrade also reflects the improvement in Mobilink's operating performance because of an improvement in the macroeconomic environment in Pakistan that has enabled the company to increase subscribers, revenue and profitability, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.