S&P upgrades VEON

S&P said it raised to BB+ from BB its long-term issuer credit rating on telecommunications operator VEON Ltd. and VEON's core subsidiary Russia-registered Vimpel-Communications PJSC. The outlook on both entities is stable.

S&P also raised the long-term issue rating on the group's senior unsecured debt to BB+ from BB.

S&P removed all ratings from CreditWatch, where S&P placed them with positive implications on July 6.

“The upgrade follows VEON's completion of the sale its 50% stake in Wind Tre to CK Hutchinson Holdings for which it received €2.45 billion (approximately $2.9 billion) in cash. As a result, VEON's net reported debt to EBITDA decreased to 1.7x from 2.5x as of June 2018,” S&P said in a news release.

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