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Moody's affirms Ooredoo's rating at 'A2'; stable outlook

Moody's affirms Ooredoo's rating at 'A2'; stable outlook
The affirmation of the rating shows Ooredoo's resilient performance
Ooredoo
ORDS
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Mubasher: Moody's Investors Service (Moody's) has affirmed the long-term issuer rating of National Mobile Telecommunications Company (Ooredoo) at "A2", with a stable outlook.

The A2-backed senior unsecured ratings on Ooredoo International Finance and the (P) A2-backed senior unsecured medium-term note programme rating under Ooredoo Tamweel were also affirmed, according to a press release on Thursday.

The affirmation of the rating shows Ooredoo's resilient performance in 2020 despite the coronavirus (COVID-19) repercussions.

The company's revenues and earnings before interest, tax, depreciation, and amortisation (EBITDA) decreased by 4% and 6%, respectively, in 2020, compared to 2019.

The company's lower operations in oil-exporting countries, including Qatar, Kuwait, Oman, and Algeria, were partially offset by improving performance in other markets such as Indonesia.

Moody's expected an improvement in the company's performance in 2021, attributed to higher revenues in Indonesia and a slight rise in revenues in Qatar.

In addition, the stable outlook reflects Moody's outlook of sustained operating performance in the next 12-18 months.

It is noteworthy to mention that in 2020, Ooredoo's net profits declined by 34.3% to QAR 1.13 billion from QAR 1.72 billion in 2019.