Moody’s upgrades Mobilink CFR to B1

Moody's Investors Service said it upgraded the corporate family rating of Pakistan Mobile Communications Ltd. (Mobilink) to B1 from B2.

The outlook was revised to stable from positive.

The action reflects the upgrade to Pakistan's sovereign rating to B3, and to Mobilink's stronger fundamental credit quality when compared to the sovereign.

On June 11, Moody's upgraded Pakistan's foreign currency government bond rating, along with its issuer and senior unsecured ratings by one notch to B3 from Caa1, and assigned a stable outlook.

"Despite its stronger fundamental credit quality, Mobilink's B1 corporate family rating is constrained by the two notch differential between its own rating and the sovereign's B3 rating," Moody's vice president and senior analyst Gloria Tsuen said in a news release.

"Mobilink's rating has been upgraded by one notch, in line with the one notch upgrade to Pakistan's sovereign ratings."

© 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.