S&P puts Axiata on watch

S&P said it placed its BBB+ long-term issuer credit rating on Axiata Group Bhd. on CreditWatch with negative implications.

S&P also placed the BBB+ long-term issue ratings on the company's senior unsecured notes and sukuk on CreditWatch with negative implications.

“The CreditWatch with negative implications reflects a likely downgrade to BBB following the regulatory approval of the Celcom-Digi merger,” S&P said in a news release.

Axiata acquisition of PLDT Inc.'s tower assets comes amid other acquisitions, putting further pressure on the company's balance sheet.

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