Etisalat wins solid credit ratings
Abu Dhabi, September 18, 2011
UAE telco Etisalat said it has won the highest credit ratings in the telecom sector across Europe, Middle East and Africa from global credit rating agencies - Standard & Poor’s (S&P), Fitch and Moody's.
The company said the top credit ratings were achieved following rigorous evaluations by these rating agencies.
During the second quarter, Etisalat management met the trio to review Etisalat’s existing credit rating.
Afer the review, the agencies said Etisalat investment grade ratings were among the highest of all globally rated telecommunications companies.
"In fact, Etisalat is the second highest rated telecom company globally on Fitch rating scale while it is the fourth on S&P and Moodys’ rating scale. Excluding East Asia, Etisalat is rated number one on the agencies rating scales, said a top official.
"The credit ratings were achieved following an in-depth review of Etisalat’s operations, covering its corporate strategy, regulatory and competitive landscapes, operational performance, and financial position," remarked Etisalat Group CEO Ahmad Abdulkarim Julfar.
Julfar said these solid ratings were a demonstration of Etisalat strong operating performance and prudent financial management during the course of last year.
"This will help further diversify Etisalat’s funding sources and enhance its negotiating position when securing future financing from debt or capital markets," he added.-TradeArabia News Service