Fitch gives Etisalat notes A+

Fitch Ratings said it has assigned Emirates Telecommunications Corp.'s (Etisalat) $7 billion global medium-term notes program and the €3.15 billion-equivalent senior notes issued under the program final A+ ratings.

The notes have been issued in tranches of €2.4 billion and $1 billion, with the euro-denominated notes maturing in 2021 and 2026 and the dollar-denominated notes coming due in 2019 and 2024.

Fitch said that the issue proceeds are being used to refinance existing loans to fund the acquisition of Maroc Telecom.

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