Fitch upgrades MTN's long-term credit ratings

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Posted: Friday, Jul 04, 2008 at 1319 hrs IST
Updated: Friday, Jul 04, 2008 at 1319 hrs IST

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New Delhi, July 4: : Credit rating agency Fitch has upgraded its long-term ratings on South African Telcom major MTN Group, which is in exclusive talks with Anil Ambani Group firm Reliance Communications for a possible alliance.

Fitch Ratings has upgraded the national long-term rating on MTN Group to a higher level in the investment grade to 'AA -' from a 'A+' rating which referred to the grade wherein the economic situation could affect the finances.

The ratings have been upgraded along with a stable outlook, MTN said in a regulatory filing.

However, the announcement of any proposed transaction would likely result in a review of MTN's rating, it added.

MTN shares were trading up 0.08 per cent at 120.10 rand in the morning trade on the Johannesburg Stock Exchange.

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