Moody's rates Emirates Telecom Aa2

Moody's Investors Service said it assigned an Aa2 long-term issuer rating to Emirates Telecommunications Corp.

The outlook is stable.

The rating is underpinned by its strong market position in the United Arab Emirates, its track record, including a string of acquisitions abroad, high profitability and solid cash flow generation, in addition to its prudent financial strategy, Moody's said.

The rating also takes into account a higher degree of competition following the opening of the local telecommunications market in 2006, exposure to politically less stable countries as well as managing the growth by introducing new technologies and entering new territories, the agency said.

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