S&P puts VEON rating on revision list for possible upgrade

MOSCOW, Jul 6 (PRIME) -- International ratings agency S&P Global Ratings (S&P) has placed a BB long-term credit rating of Amsterdam-based holding VEON, the sole owner of Russian mobile operator VimpelCom, on the revision list with a possible upgrade, the agency said on Friday in a statement.

The move followed VEON’s announcement of a sale of its stake in Italian mobile operator Wind Tre, a joint venture with Hong Kong’s Hutchison Holdings Ltd., to the partner for 2.45 billion euros.

S&P thinks that as a result of the deal VEON could significantly cut leverage to about 0.7x, and the net debt/EBITDA ratio could fall to 1.8x from 2.4x.

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