S&P: Axiata outlook positive

Standard & Poor's said it revised the outlook on Axiata Group Bhd. to positive from stable and affirmed its BBB long-term corporate credit rating.

The agency said it raised the Asean scale rating on Axiata to axA+ from axA to reflect the revised outlook.

"We revised the outlook to positive because we expect Axiata to maintain its improved financial risk profile," S&P analyst Mehul Sukkawala said in a statement.

"We anticipate that Axiata's free operating cash flows will remain positive over the next 18-24 months and that the company will maintain its strong financial ratios. We also revised Axiata's financial risk profile to 'modest' from 'intermediate' based on the company's strong financial performance."

For the past two years, the company's adjusted-debt-to-EBITDA ratio has been 1x.

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