S&P rates Wom, notes B+

S&P said it assigned B+ ratings to Wom SA and its $450 million of guaranteed senior unsecured notes.

“Our B+ issuer credit rating primarily reflects Wom’s high debt to EBITDA of 4x-4.5x in 2019, along with smaller revenue and subscriber base, and narrower diversification than those of higher rated peers. However, the company’s growth strategy has been very successful, given that it rapidly gained market share that reached 20% as of September 2019 in Chile’s mobile phone market and we expect it to deleverage substantially in the next two years amid improved profitability and cash flows,” said S&P in a press release.

The outlook is stable.

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