New Delhi: 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% at 120.10 rand in the morning trade on the Johannesburg Stock Exchange.