S&P rates Batelco notes BBB-

Standard & Poor's said it assigned its BBB- long-term issue rating to the proposed senior unsecured notes to be issued by Batelco International Finance No. 1 Ltd., a finance vehicle of Bahrain-based telecoms operator Bahrain Telecommunications Co. (Batelco, BBB-/stable/A-3). Batelco guarantees these proposed notes.

S&P said it assumes that Batelco will use the proceeds from the proposed issue to refinance the bridge loan of $650 million, which the company mostly drew to finance the acquisition of assets from Cable & Wireless. The rating on the proposed notes is in line with the corporate credit rating on Batelco, as Batelco has no meaningful senior debt or priority liabilities.

Batelco's stand-alone credit profile reflects S&P's assessments of the company's business risk profile as "fair" and its financial risk profile as "intermediate."

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