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Axiata Group Bhd.
Standard & Poors, May 2011
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Abstract
Solid cash flow generation Diversification in wireless markets with strong growth opportunities Implicit government support through ownership structure Exposure to economic, political, and regulatory risk in emerging economies High capital investment ahead for network expansion in some markets Strong competition outside the domestic market The rating on Axiata Group Bhd. reflects the company's solid domestic cash flow generation in a stable business environment, and its favorable market positions in emerging wireless markets with strong growth opportunities. The rating also reflects potential support from the government of Malaysia (foreign currency A-/Stable/A-2; local currency A+/Stable/A-1; ASEAN scale axAAA/axA-1+), primarily through its investment holding arm, Khazanah Nasional Bhd., which is Axiata's single largest shareholder. Axiata's exposure to the political, macroeconomic, and regulatory risks...
Companies mentioned in this report are: Axiata Group Bhd.
Action: Review
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