ACRA assigns AA-(RU) to VEON Holdings, outlook Stable

MOSCOW, Dec 25 (PRIME) -- Russia’s Analytical Credit Rating Agency (ACRA) has assigned the AA-(RU) rating to VEON Holdings, a unit of Amsterdam-based VEON, which is the sole owner of mobile operator VimpelCom, with the Stable outlook, the agency said on Friday in a statement.

“The credit rating assigned to VEON Holdings was determined by ACRA following analysis of the consolidated financial and operating data of its parent group VEON. The credit rating of the company is based on its strong business profile underpinned by its market position in Russia and the growing share in other markets where the company operates and good geographical diversification,” the agency said.

“The credit rating is further supported by the scale of the company characterized by the size of its revenues, very high profitability and very strong liquidity position. The rating is constrained by the company’s medium leverage and coverage, as well as the average assessment of its cash flow.”

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