S&P: Millicom on developing watch

Standard & Poor's said it placed its B+ long-term corporate credit rating and B- senior unsecured debt ratings on Millicom International Cellular SA on CreditWatch with developing implications, following the company's decision to review its strategic options and its appointment of a financial advisor.

Although there is no certainty of any transaction, such as the sale of all or part of the company, arising as a result of Millicom's strategic review, any potential transaction could have either positive or negative implications for the ratings, the agency said.

S&P added the hypothetical sale of the entire company to an entity that is well capitalized and benefits from a stronger credit profile than Millicom and which would guarantee the company's outstanding debt or provide strong financial support, could have positive implications for the ratings.

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