S&P rates Axiata notes BBB-

Standard & Poor's said it assigned a BBB long-term corporate credit rating to Axiata Group Bhd. along with an axA Asean scale rating and BBB- rating to the proposed $300 million senior unsecured notes to be issued by Axiata SPV 1 (Labuan) Ltd., which Axiata will unconditionally and irrevocably guarantee.

The outlook is stable.

The rating reflects the company's solid domestic cash flow generation in a stable business environment and favorable market positions in emerging wireless markets with strong growth opportunities, S&P said.

These strengths are offset by Axiata's exposure to the political, macroeconomic and regulatory risks of emerging markets, the agency said, and the high capital investment and significant competitive pressures associated with these markets.

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