Moody’s alters VEON view to stable

Moody’s Investors Service said it changed VEON Ltd.’s outlook to stable from positive. Simultaneously, Moody’s affirmed the Ba2 corporate family rating and the Ba2-PD probability of default rating.

Concurrently, Moody’s affirmed the Ba2 long term issuer rating of VimpelCom PJSC, VEON’s operating subsidiary, the Ba2 senior unsecured ratings of the bond instruments issued or transferred by VEON Holdings BV, VEON’s 100% indirectly owned subsidiary and the Ba2 senior unsecured rating of VIP Finance Ireland Ltd.

Moody’s changed the outlooks to stable from positive.

“Today’s rating action reflects Moody’s expectation that VEON’s credit metrics will weaken moderately in 2020-21 and remain outside of the range commensurate with the higher rating, which means a ratings’ upgrade is unlikely over the next 12-18 months. The rating action also takes into account the company’s operating weakness in Russia as well as in its other emerging market locations exacerbated by the current global economic slump,” Moody’s said in a press release.

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