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Moody's affirms Etisalat's rating at 'Aa3'; outlook stable

Moody's affirms Etisalat's rating at 'Aa3'; outlook stable
Affirming the rating reflects the company's resilient performance in 2020
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ETISALAT
-0.11% 18.30 -0.02

Abu Dhabi – Mubasher: Moody's Investors Service (Moody's) has affirmed the credit rating of Emirates Telecommunications Group Company (Etisalat) at 'Aa3' with a stable outlook.

Affirming the rating reflects the company's resilient performance in 2020 despite the coronavirus (COVID-19) pandemic, with the group revenues decreasing by less than 1%, according to a recent press release.

The global rating agency forecasts that Etisalat's domestic business would recover over the upcoming years, as the company maintains a leading and stable market position.

Meanwhile, Etisalat's international operations are expected to continue to grow over the next couple of years.

The rating also shows Moody's outlook that the company will maintain its current strong, albeit declining, profitability levels of around 50% when compared to peers.