S&P Global Ratings noted Axiata’s recent spate of acquisitions will push its debt to earnings before interest, taxes, depreciation and amortisation to 2.7 times and 2.8 times in 2023 from 2.2 times in 2021.
Post-transaction, Axiata’s adjusted Ebitda, which will include dividends from the merged entity Celcom-Digi Bhd, will likely become more volatile,” it said. “Nonetheless, Axiata’s management expects the merged entity to maximise its dividend payout available from free cash flow,” the ratings agency said.
“We also lowered the long-term issue ratings on the company’s senior unsecured notes and sukuk to BBB. We removed the ratings from CreditWatch, where we had placed them with negative implications on April 22, 2022,” it said.
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