Fitch upgrades VEON

Fitch Ratings said it upgraded VEON Ltd.’s long-term issuer default rating to BBB- from BB+.

“The upgrade reflects VEON’s robust operating performance in key markets, stabilization of Fitch-defined net debt/EBITDA at around 2x, and simplification of the group structure with positive implications for cash flow circulation across the group. It also reflects a geographically diversified asset base and flexible dividend policy,” the agency said in a news release.

The outlook is stable.

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