S&P affirms MTN Group

S&P said it affirmed its BB+ foreign and local currency long-term corporate credit ratings on MTN Group Ltd. and its subsidiary Mobile Telephone Networks Holdings (Pty) Ltd. The outlook remains negative.

S&P also affirmed its BB+ issue ratings on the group's senior unsecured debt. The recovery rating is unchanged at 3, indicating an expectation of meaningful (50%-70%; rounded estimate: 65%) recovery for debtholders in the event of a payment default.

S&P affirmed its zaAA long-term South Africa national scale rating on MTN.

“The affirmation follows the downgrade of South Africa on Nov. 24, 2017,” S&P said in a news release.

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