S&P upgrades Axiata notes

S&P said it removed the senior unsecured issue-level ratings on Axiata Group Bhd. from under criteria observation and raised the issue rating on the notes to BBB+ from BBB.

The agency said the actions stem solely from the application of its revised issue rating criteria and do not reflect any change in the assessment of the corporate credit ratings.

S&P said the action takes into consideration Axiata's low leverage, which was about 1.8x in the 12 months to June 30 and is expected to be about 1.9x in 2018.

“We have determined that Axiata's leverage is sufficiently low to offset potential subordination,” the agency said in a news release.

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