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UAE-based state-owned Etisalat’s long-term foreign currency Issuer Default Rating (IDR) has been affirmed by Fitch Ratings at ‘A+’ with a ‘Stable’ outlook. The IDR reflects the expectation that Etisalat’s management will maintain a conservative financial policy, with a maximum gross debt/EBITDA of 2.5 times, and continue to generate a substantial majority of group EBITDA (more than 75%) from the local UAE market through 2013, said Fitch.
Etisalat’s IDR is based on Fitch’s assessment of the sovereign’s creditworthiness, given the telecoms firm’s strong operational and strategic ties with the UAE.
