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MTNH-Credit Rating Amendment
MOBILE TELEPHONE NETWORKS HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration number 1993/001411/06)
(“MTNH”) or (“the Company”)
MTN Group Limited-Credit Rating Review by S&P Global(“S&P”)
On 1 April 2020, S&P took rating actions on Nigeria-exposed
corporate issuers that are rated at or above sovereign.
S&P also considered the effects that lower GDP growth, potential
currency movements, and lower oil prices could pose to issuers'
earnings prospects and leverage, within the context of their
exposure to coronavirus (COVID-19)-related local and global
developments.
S&P’s rationale for the rating review was that the Nigeria-
exposed issuers would be facing the following conspicuous risks
that would have an impact on the issuers:
• lower demand for a wide variety of products and services
due to a likely broad-based COVID-19-related economic
recession, negative effects on Nigeria's government
finances and
• oil-related industries following the recent slump in oil
prices, and risks of Nigerian naira (NGN) depreciation
versus other global currencies.
S&P, stated however, that they foresaw COVID-19 as having a
modest effect on MTN's financial metrics, given the heightened
importance of telecommunications during a period of restricted
movement.
MTN Group Ltd - S&P lowered the long-term issuer credit rating
to 'BB' from 'BB+' and maintained the negative outlook.
Mobile Telephone Networks Holdings Ltd - S&P lowered the issuer
credit and issue ratings to 'BB' from 'BB+' and maintained the
negative outlook.
MTN (Mauritius) Investments Ltd - S&P lowered the issue rating
to 'BB' from 'BB+'. The '3 (65%)' recovery rating is unchanged.
Furthermore, the South African national scale rating was also
lowered to 'zaAA' from 'zaAAA'.
Notwithstanding the above, MTN Group’s stand-alone credit
profile remains unchanged.
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
03 April 2020
Debt Sponsor: The Standard Bank of South Africa Limited, acting
through its Corporate and Investment Banking division.
Date: 03-04-2020 04:18:00
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