Moody’s upgrades Banglalink to Ba3

Moody's Investors Service said it upgraded Banglalink Digital Communications Ltd.’s corporate family rating and senior unsecured rating to Ba3 from B1.

The outlook remains stable.

"The ratings upgrade reflects improvements in Banglalink's leverage and cash flows as operational performance has been solid, while profitability has improved and capex has moderated as the company's 3G network has largely been completed," Moody's vice president and senior analyst Gloria Tsuen said in a news release.

"We assume spectrum auctions will occur next year and that, as a result, Banglalink will need financing. However, even after factoring in that consideration, the company's leverage and cash flows will be well within the new ratings range."

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