Fitch upgrades Telecom Namibia

Fitch Ratings said it upgraded Telecom Namibia Ltd.'s long-term local-currency issuer default rating to BB+ from BB and national long-term rating to AA(zaf) from A(zaf).

The outlook is negative.

The upgrade is supported by a view of the strengthening of the company's links with its ultimate shareholder, the Namibian government, Fitch explained.

The government provided a 400 million in Namibian dollar equity injection in financial year that ended September 2015, the agency said.

Government support on board appointments, along with improvements in liquidity and lower short-term debt in fiscal year 2018, further supports the upgrade.

These factors also led to the company's standalone credit profile improving to BB- from B-, Fitch said.

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