Doha, Qatar, June 18, 2017: Ooredoo Q.S.P.C. (“Ooredoo”) - Ticker: ORDS today announces that S&P Global Research has placed its ratings on Ooredoo on CreditWatch with negative implications, while Fitch ratings placed Ooredoo’s “A+” Long Term Issuer Default Ratings on Rating Watch Negative. Furthermore, Ooredoo’s senior unsecured debt was placed on CreditWatch negative by S&P and on Rating Watch Negative by Fitch.
The ratings placement on Ooredoo follow the announcement made by S&P Global on June 7, 2017 to lower its long-term rating on Qatar to “AA-“from “AA” and placing it on CreditWatch with negative implications. Similarly, Fitch placed Qatar’s sovereign ratings on Rating Watch Negative on June 12, 2017.
S&P Global expects Qatar’s diplomatic issues with several Arab countries to have a smaller impact on Ooredoo than on other sectors of the economy.
In its research note, S&P Global confirms the company’s liquidity is strong, with a short-term rating of “A-2” and notes that Ooredoo’s free operating cash flow generation from 2017 is to benefit from lower capital expenditure requirements. Fitch expects Ooredoo to continue to operate within its target as leverage gradually declines over the next three years.
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Ooredoo is an international communications company operating across the Middle East, North Africa and Southeast Asia. Serving consumers and businesses in 10 countries, Ooredoo delivers the leading data experience through a broad range of content and services via its advanced, data-centric mobile and fixed networks.
Ooredoo served 138 million customers and generated revenues of QR 33 billion as of 31 December 2016. Its shares are listed on the Qatar Stock Exchange and the Abu Dhabi Securities Exchange.