Business

Moody’s revises Mobilink’s B2 outlook to stable from negative

ISLAMABAD: Moody’s Investors Service on Wednesday revised its outlook on the B2 corporate family rating of Pakistan Mobile Communications Limited (Mobilink) from negative to stable, ARY News has learnt.

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At the same time, Moody’s has also affirmed Mobilink’s B2 corporate family rating.

The rating action reflects the outlook change for Pakistan’s Caa1 sovereign rating and Mobilink’s stronger fundamental credit quality when compared to the sovereign.

On 14 July 2014, Moody’s affirmed Pakistan’s Caa1 foreign currency government bond rating and Caa1 issuer and senior unsecured ratings. Moody’s also revised the outlook on Pakistan’s sovereign ratings to stable from negative.

The foreign investor’s service expects Mobilink to maintain the largest market share by the number of subscribers and keep its market share of 27 per cent – 28 per cent in FY2014, given its strong brand and extensive network coverage.

Mobilink had about 38.4 million customers, equating to a subscriber market share of about 28 per cent, as of May 2014, according to the Pakistan Telecommunication Authority.

The company estimates that its market share is around 36.5 per cent, in terms of on an active subscriber base, as of May 2014.

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