Fitch affirms Vodafone

Fitch Ratings said it affirmed Vodafone Group plc's long-term issuer default rating and senior unsecured ratings at A- and its short-term issuer default rating at F2.

The outlook is stable.

The affirmation reflects its global scale, diverse operations, sound liquidity and stable cash flow generation, Fitch said.

The trend in underlying European revenue remains challenging, the agency said, but EBITDA margin erosion is slowing.

Emerging markets continue to drive growth, Fitch said, and free cash flow generation from Vodafone's operations in developing countries should continue to improve over the medium-term as capital intensity reduces.

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