Press Releases

MTN Group awarded investment grade ratings

The MTN Group is pleased to announce that it has received its first international as well as national investment grade ratings. Moody's Investors Service has assigned MTN a global scale rating of Baa3 and an A3.za South African national scale rating. Fitch has assigned the Group a South African National Long-term rating of A+(zaf), with a Stable Outlook.

MTN sought these ratings as part of the process of funding the acquisition of Investcom. That acquisition is well on track, having already received valid acceptances from shareholders owning approximately 78.1 percent of Investcom and the acquisition has become unconditional as to acceptances, although certain conditions still remain to be satisfied, including approval by the MTN shareholders.

Speaking from Johannesburg, MTN Group President and Chief Executive Officer Phuthuma Nhleko commented: “We are pleased with the award of this investment grade rating, which indicates confidence in the financial strength of MTN. This is an exciting step for the MTN Group as we strive towards our vision of being the leading telecoms provider in developing markets. We look forward to concluding the Investcom deal, which is progressing well. We’re confident in our ability to achieve a number of synergistic benefits from the acquisition which will further enable the rapid deleverage of the Group. ”