S&P upgrades Mobilink

S&P said it raised the long-term corporate credit rating on Pakistan Mobile Communications Ltd. (Mobilink) to B from B-.

S&P also said it upgraded Mobilink following a similar upgrade on the sovereign credit rating of Pakistan.

The outlook is stable.

The company’s stand-alone credit profile continues to be assessed at BB-, reflecting the company’s leadership in terms of subscribers in Pakistan’s competitive market and its modest leverage.

But the agency said it believes the country and macroeconomic risk of Pakistan will continue to weigh on the company’s credit profile.

The rating on Mobilink also remains constrained by the B transfer and convertibility assessment for Pakistan, S&P added.

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