MOBILE TELEPHONE NETWORKS HOLDINGS LIMITED - MTNH-Guarantor Credit Rating

MTNH-Guarantor Credit Rating

MOBILE TELEPHONE NETWORKS HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration number 1993/001411/06)
(“MTNH”) or (“the Issuer”)
(“MTN Group”) or (“the Company”)



MTN Group Limited Credit Rating affirmed by Moody’s.

Noteholders are hereby advised regarding the rating affirmation
of MTN Group, being the Issuer’s Guarantor. Despite its
sovereign rating downgrade of South Africa, Moody’s has left
MTN’s rating unchanged and affirmed its Ba1 rating. Moody's has
also revised MTN's national scale CFR higher to Aa2.za from
Aa3.za to reflect the updated mapping of Global Scale Ratings
to NSR due to the downgrade of the sovereign rating.

Moody’s has also left the negative outlook unchanged to reflect
the exposure to weakening sovereign credit quality in some of
MTN's key markets such as South Africa (Ba1 negative) and Nigeria
(B2 negative).

Moody’s decision to affirm MTN’s rating resulted from Moody’s
view that the Company’s healthy credit metrics and good
liquidity will help to absorb the deterioration in the domestic
macroeconomic environment.

By the order of the Group Board
MTN Group Secretary

For commentary on details ratings taken please refer to
Moody’s press release available on their website:
https://www.moodys.com/research/--PR_420630.

For further information contact:

Thato Motlanthe, MTN Group Executive for Investor Relations
Tel: +27 83 869 3348    Email: Thato.Motlanthe@mtn.com


06 April 2020
Debt Sponsor: The Standard Bank of South Africa Limited, acting
through its Corporate and Investment Banking division.

Date: 06-04-2020 09:57:00
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