Moody's affirms Etisalat

Moody's Investors Service said it confirmed the Aa3 long-term foreign- and domestic-currency ratings for Emirates Telecommunications Corp. Ltd. (Etisalat).

The outlook is stable.

This action concludes the review for possible downgrade initiated on Nov. 11 after Etisalat announced its intention to acquire 51% of the Kuwait-based Mobile Telecommunications Co. LLC for about $12 billion, Moody's said.

The Aa3 issuer ratings have been confirmed following Etisalat's announcement on March 19 that it would terminate the contemplated acquisition, the agency added.

The Aa3 ratings factor in strong government support from the government, which holds 60% in Etisalat through the Emirates Investment Authority, Moody's said.

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