Fitch lowers MTN Group

Fitch Ratings said it downgraded MTN Group Ltd.'s long-term foreign-currency issuer default rating to BB from BB+. The outlook remains negative.

The agency said the action follows the downgrade of South Africa's and Nigeria's long-term issuer default ratings to BB from BB+ and to B from B+, respectively.

MTN's rating reflects the weakness of the macroeconomic and operating environments of MTN's main operating subsidiaries in South Africa and Nigeria, Fitch said.

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