Fitch cuts Vodafone to BBB+

Fitch Ratings said it downgraded Vodafone Group plc's long-term issuer default rating to BBB+ from A-.

The company’s rating was removed from Rating Watch Negative and assigned a stable outlook to the long-term issuer default rating.

Fitch said the downgrade was driven by an increase in leverage resulting from the acquisition of 100% of the share capital of Grupo Corporativo Ono, SA. Following the downgrade, Vodafone is comfortably positioned within the BBB+ rating. The group benefits from global scale, diverse operations and sound liquidity, the agency said.

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