Fitch Ratings has upgraded Telecom Namibia Limited's (TN) Long-Term Local-Currency Issuer Default Rating (IDR) to 'BB+' from 'BB' and National Long-Term Rating to 'AA(zaf)' from 'A(zaf)'. The Outlooks are Negative.
The standalone rating up from B- to BB-
Telecom Namibia’s Liquidity position dramatically improved with a significantly reduction in debt over the past two and a half years.
Management implemented a number of cost management initiatives while improving operational efficiencies, extracting more value from its operations. While focussing on its fixed line network, back bone strength and regional markets, sustainable growth is experienced in the Internet protocol (IP)/Broadband and Mobile space.
TN will publish positive and profitable trading results for the period ending September 2017. The focussed dedication of the business over the past two and a half years finally came to fruition. TN’s unaudited financial results for the month ended September 2-017 show the following: Revenue of N$ 1.511 billion, Operating Income of N$ 1.2 billion and Profit Before Tax of N$ 35.2 million.