S&P affirms, withdraws Pakistan Mobile

S&P said it affirmed its B long-term issuer credit rating on Pakistan Mobile Communications Ltd. (Jazz) and withdrew the rating at the company's request.

At the time of withdrawal, the rating reflected a view of the company’s number one position in Pakistan's competitive cellular market, nationwide coverage, good brand presence and healthy profitability.

The company is likely to use its strong operating cash flows for capital outlays, resulting in moderate leverage, S&P said.

However, the agency said it expects the company's operations in a single country, and Pakistan's country and macroeconomic risks to continue to offset these strengths.

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