Fitch has downgraded South-Africa-based MTN Group Limited's (JSE:MTN) Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'BB' from 'BB+'. The Outlook remains Negative.
The rating action follows the downgrade of South Africa's and Nigeria's Long-Term IDRs to 'BB' from 'BB+' and to 'B' from 'B+', respectively (see 'Fitch Downgrades South Africa to 'BB'; Outlook Negative', dated 3 April 2020, and 'Fitch Downgrades Nigeria to 'B'; Outlook Negative', dated 6 April 2020, on www.fitchratings.com). MTN's rating reflects the weakness of the macroeconomic and operating environments of MTN's main operating subsidiaries in South Africa and Nigeria. The Negative Outlook reflects the correlation of rating actions with further changes of the sovereign ratings. Fitch's assessment of the fundamental issuer-specific credit considerations is unchanged.
