(MENAFN - The Peninsula)
The Peninsula
Moody s Investors Service (Moody s ) yesterday affirmed the A2 long-term issuer rating of Ooredoo Q.P.S.C. (Ooredoo), as well as the A2 backed senior unsecured ratings on Ooredoo International Finance Limited, and the (P)A2 backed senior unsecured Medium-Term Note Program rating under Ooredoo Tamweel Limited. The outlook on all the ratings is stable. The affirmation of the ratings reflects Ooredoo s resilient performance in 2020 despite the impact of the COVID outbreak. In 2020, revenue and EBITDA declined by 4 percent and 6 percent respectively compared to 2019. This was mainly due to a revenue reduction in the prepaid segment as well as a significant decrease in revenues from roaming services. The weakness in Ooredoo s operations in oil exporting countries such as Qatar, Kuwait, Oman and Algeria, has been partially offset by an improving performance in other markets such as Indonesia. Moody s expects the negative trend to reverse in 2021
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