Fitch Assigns Etisalat’s Bond Final Rating ‘A+’ | GulfNews.com

Fitch Assigns Etisalat’s Bond Final Rating ‘A+’ | GulfNews.com:



"Fitch Ratings has assigned Emirates Telecommunications Corporation’s (Etisalat) $7 billion global medium-term notes programme and the 3.15 billion-euro equivalent senior notes issued under the programme final ‘A+’ ratings. The final rating assignment follows the receipt of final documentation confirming preliminary information reviewed.



The 3.15 billion-euro equivalent notes have been issued in tranches of 2.4 billion euros and $1 billion. The euro-denominated notes will mature in 2021 (1.2 billion euros) and 2026 (1.2 billion euros), while the $-denominated notes will mature in 2019 ($0.5 billion) and 2024 ($0.5 billion).



The issue proceeds, approximately 1 billion euros higher than originally targeted by the company, are being used to refinance existing loans to fund the acquisition of Maroc Telecom (MT). This will improve Etisalat’s debt maturity profile given the fairly short tenor of these existing loans."



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