S&P upgrades Axiata Group

Standard & Poor's said it raised its long-term corporate credit rating on Axiata Group Bhd. to BBB+ from BBB. The outlook is stable.

At the same time, S&P affirmed its axA+ Asean regional scale rating on Axiata. In addition, S&P raised the long-term issue rating on the senior unsecured notes and medium-term notes program that Axiata unconditionally and irrevocably guarantees to BBB from BBB-. S&P also affirmed the cnA Greater China regional scale issue rating on the company's Chinese renminbi-denominated notes.

"We upgraded Axiata because we expect the company's acquisition of Axis Telecom Indonesia will not materially weaken Axiata's financial position," said S&P credit analyst Mehul Sukkawala in a news release. "Uncertainty relating to the impact of the acquisition on Axiata's financial position has also been removed, in our opinion."

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