Fitch ups Vodafone view to stable

Fitch Ratings said it revised Vodafone Group plc's outlook to stable from negative, while affirming the company's long-term issuer default rating and senior unsecured ratings at A- and short-term issuer default rating at F2.

The outlook revision reflects an expectation of a more stable organic revenue trend during the financial year to March 2011, Fitch said, and continued efforts to manage costs and working capital.

Despite slowing revenue growth in emerging markets, free cash flow generation from Vodafone's operations in developing countries should improve over the medium-term as capital intensity reduces, the agency said.

Vodafone has been able to mitigate the impact of revenue declines on free cash flow with a renewed focus on financial discipline, Fitch added.

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