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Prospect News home > News index > List of issuers M > Headlines for MTN (Mauritius) Investments Ltd. > News item |
Moody’s downgrades MTN Group, notes
Moody's Investors Service said it downgraded MTN Group Ltd.’s global issuer rating to Baa3 from Baa2, national scale issuer rating to A2.za from A1.za and the $750 million senior unsecured notes due 2024 issued by MTN (Mauritius) Investments Ltd. to Baa3 from Baa2.
The outlook is negative.
These actions follow the Dec. 10 affirmation of Nigeria's Ba3 federal government issuer ratings and the lowering of the foreign currency bond ceiling to Ba2 from Ba1.
Moody’s said the downgrade to Baa3 captures the increased operational and sovereign risks from one of its key markets, Nigeria (Ba3 stable), where MTN Nigeria is a sizable contributor to group EBITDA representing 48% of consolidated EBITDA (as of June 30, 2015).
Furthermore, there continues to be uncertainty around the final outcome regarding the Naira 780 billion ($3.9 billion) fine imposed by the Nigerian Communications Commission on MTN Nigeria of which payment is required by Dec. 31.
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