...VEON Ltd.'s ratings reflect its well-diversified revenue base across six markets and market- share leadership. It has low leverage following its exit from Russia and plans further mobile tower infrastructure sales, which could support further deleveraging. Rating constraints are a weak operating environment and FX risks, including a mismatch between debt and cash flow generation with inherent transfer and convertibility (T&C) risks in some of its largest markets. The Negative Outlook reflects that a third of VEON's debt is set to mature over the next 18 months, increasing execution risks. A lack of progress in refinancing upcoming holding company maturities in the next six to 12 months could lead to a downgrade. Conversely, a successful refinancing along with stronger cash flows from operations (CFO) less capex/total debt moving to positive territory over 2025 could lead to the Outlook being revised to Stable....
