S&P affirms MTN Group; outlook still negative

S&P said it affirmed its BB+ long-term issuer credit ratings on MTN Group and its subsidiary, Mobile Telephone Networks Holdings Ltd. (MTN Holdings), and the BB+ issue rating on the senior unsecured bonds issued by MTN (Mauritius) Investments Ltd.

S&P also affirmed the zaAAA long-term South Africa national scale rating on MTN and MTN Holdings.

The outlook is negative.

MTN Group's consolidated South African rand revenue and EBITDA are likely to rise 8%-9% in 2019, due to solid subscriber and data revenue growth combined with the impact of rand depreciation, S&P said.

S&P expects the group's adjusted debt to EBTIDA to remain well below 3x and adjusted funds from operations (FFO) to debt to be about 30%.

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