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Fitch views Liquid Telecom negatively
Fitch Ratings said it revised Liquid Telecommunications Holdings Ltd.'s outlook to negative from stable while affirming its long-term issuer default rating at B+.
“The negative outlook reflects weaker operating performance, particularly in South Africa, resulting in an increase in EBITDA net leverage to 3.8x (4.5x if deconsolidating Zimbabwe) in FY23 (year-end February). We expect Fitch-defined EBITDA to remain under pressure from a challenging macroeconomic environment, competition and dilutive impact from the build-out of the lower margin cloud and cyber security business. We also anticipate limited net debt reduction as a result of high capex to support network build-out,” the agency said in a press release.
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