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Etisalat receives strong ratings
- United Arab Emirates: Wednesday, July 23 - 2008 at 08:16
UAE-based Etisalat, the largest Arab telecom firm by market value, has received an Aa2 rating from Moody's Investors Service, an A+ rating from Standard & Poor's and an AA- rating from Fitch. The company's CFO Salem Ali al-Sharhan said the firm solicited the rating as a 'health check' on its financial position to help facilitate future acquisition plans, which may include at least one acquisition worth $500m by October, reported Reuters. its first credit ratings as the fast-expanding firm positions itself for at least one acquisition worth $500 million by October. Citing state-controlled Etisalat's strong market position, profitability and government affiliation, Moody's Investors Service gave the telecom operator an Aa2 rating. Standard & Poor's gave an A+ rating and Fitch an AA- rating. Etisalat Chief Financial Officer Salem Ali al-Sharhan said the largest Arab telecom firm by market value solicited the rating as a "health check" on its financial position to help facilitate future acquisition plans.
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Jeff Florian, Senior ReporterWednesday, July 23 - 2008 at 08:16 UAE local time (GMT+4)
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