Fitch affirms 5 EMEA wireless tower cos. on criteria
TL;DR
Fitch Ratings affirms credit ratings for 9 EMEA telecom operators after updating its criteria, reflecting methodological adjustments rather than changes in creditworthiness. The ratings remain stable, with entities like Emirates Telecommunications Group and VEON Ltd. maintaining their positions based on factors like market strength and financial metrics.
Tags
Fitch affirms 5 EMEA wireless tower cos. on criteria
Fitch Affirms 9 EMEA Telecom Operators Amid Criteria Updates
Fitch Ratings has affirmed the credit ratings of nine European, Middle Eastern, and Asian (EMEA) telecom operators following updates to its Corporate Rating Criteria and Sector Navigators framework. The decision reflects adjustments to rating methodologies rather than changes in the companies' fundamental creditworthiness. The affirmed entities include VF Ukraine, Oman Telecommunications Company, VEON Ltd., Emirates Telecommunications Group (e&), Kazakhtelecom, Kcell, Silk Road Group, Uzbektelecom, and BEYON. Their ratings and outlooks remain unchanged.
The criteria updates, effective 9 January 2026, aim to enhance alignment with evolving sector dynamics, including regulatory shifts, competitive pressures, and financial structure trends. Fitch applied its Corporate Rating Tool (CRT) to assess each issuer's Standalone Credit Profile (SCP), incorporating factors such as market positioning, profitability, financial flexibility, and governance. For example, VF Ukraine's SCP of "ccc" factored in adjustments for operating environment risks, while Oman Telecommunications maintained a "bbb" SCP due to strong profitability and stable governance according to Fitch.
Key rating drivers vary across issuers. VEON Ltd., rated "BB-" with a Stable outlook, benefits from diversified operations but faces challenges in debt management as noted. Emirates Telecommunications Group received an "AA-" Issuer Debt Rating, supported by its dominant market position and robust financial metrics according to Fitch. Conversely, BEYON's "B+" rating reflects competitive pressures and a Negative outlook due to regional economic uncertainties as reported.
Fitch emphasized that the criteria changes do not imply rating upgrades or downgrades but ensure consistency in evaluating credit risks. The updates also incorporate climate vulnerability assessments, which indicated no elevated risks for the rated entities.
Investors are advised to review individual Rating Action Commentaries for detailed analyses of each company's credit profile and sensitivities. The affirmations underscore Fitch's commitment to maintaining rating stability amid methodological refinements.
Fitch Ratings. (2026). Fitch Affirms 9 EMEA Telecom Operators on Criteria Updates.Marketscreener. (2026). Fitch Affirms 9 EMEA Telecom Operators on Criteria Updates.
