Abu Dhabi – Mubasher: Moody's Ratings has affirmed Emirates Telecommunications Group’s (e&) long-term issuer rating at ‘Aa3’, with a stable outlook.

The rating agency also affirmed the company’s baseline credit assessment (bca), senior unsecured rating, and senior unsecured global medium-term note programme rating at ‘a2’, ‘Aa3’, and ‘(P)Aa3’, respectively, according to a press release.

Moody's affirmed the backed senior unsecured trust certificate Issuance programme rating of e& Group Sukuk Limited, a special purpose vehicle, at ‘(P)Aa3’, with a stable outlook.

The rating agency attributed the affirmation of e&'s ratings to its robust business profile, strategic development, leading market position in the UAE, strong financial performance, and excellent liquidity.

Moody's noted that e&'s integrated business model, offering both fixed and mobile telecommunication services along with digital consumer and enterprise solutions, enhances its credit quality.

During the first quarter (Q1) of 2024, the net profit of e& leapt to AED 2.45 billion from AED 2.30 billion in Q1-23.