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MTN- Credit Rating Update by S&P
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 Review by S&P Global(“S&P”)
Noteholders are advised that on 12 May 2020, S&P took rating
actions on corporate issuers exposed to South Africa.
S&P lowered MTN Group and the Issuer’s long-term credit rating
to 'BB-' from 'BB' with a stable outlook.
S&P stated that the rating on the Company was constrained by
the foreign currency ratings on South Africa and Nigeria.
S&P’s rationale for the rating review was that in South Africa
they expect pressures on the consumer and wholesale businesses
with recovery expected beyond fiscal 2020 and further that for
MTN’s Nigerian business, oil exposure in the economy could lead
to lower affordability of mobile voice, data, and payments
services as well as possible margin pressure.
Furthermore, S&P believes that devaluation of the Nigerian naira
and higher value-added tax rates would likely place upward
pressure on the cost base and lower cash flow generation from
Nigeria.
Notwithstanding the above, S&P stated that they expect COVID-19
to have a moderate effect on the Company’s financial metrics,
given the heightened importance of telecommunications during
restricted mobility and expected voice and data demand to be
reasonably well-supported, although lower consumer
affordability and the impact of negative GDP growth on
enterprise customers cannot be discounted.
For commentary on details ratings taken please refer to S&P’s
press release available on their website:
www.spglobal.com/ratingsdirect
BY ORDER OF THE MTN GROUP BOARD
MTN Group Secretary
For further information contact:
Thato Motlanthe, MTN Group Executive for Investor Relations
Mobile: +27 83 869 3348 Email: Thato.Motlanthe@mtn.com
15 May 2020
Debt Sponsor: The Standard Bank of South Africa Limited, acting
through its Corporate and Investment Banking division.
Date: 15-05-2020 01:19:00
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