S&P lowers Saudi Telecom view to negative

Standard & Poor’s said it revised the outlook on Saudi Telecom Co. to negative from stable.

The agency also said it affirmed the company’s A+ long-term and A-1 short-term corporate credit ratings.

The outlook revision follows a similar rating action on Saudi Arabia, S&P said.

The negative outlook reflects the negative outlook on Saudi Arabia’s long-term sovereign rating, S&P said.

The company’s stand-alone credit profile remains at A+, owing to the company’s very low leverage and strong market position, profitability and liquidity, the agency said.

The ratings also consider its strong position in Saudi Arabia’s telecom market, S&P said.

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