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Fitch: Kazakhtelecom view negative
Fitch Ratings said it changed JSC Kazakhtelecom's outlook to negative from stable and affirmed its foreign-currency long-term issuer default rating at BB and short-term foreign-currency issuer default rating at B.
The agency assigned a national long-term rating of A(kaz) with a negative outlook.
The outlook change reflects concerns over continued significant negative free-cash-flow generation, Fitch said, driven by subsidiary MTS' rapid rate of cash use and Kaztel's high capital expenditure relative to its EBITDA generation.
Net debt-to-EBITDA ratio is expected to rise to 1.4 to 1.5x in 2008 from 1.1x at year-end 2007.
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