PARIS (S&P Global Ratings) June 15, 2016--S&P Global Ratings said today that its ratings and outlook on South African telecom provider MTN Group Ltd. (BBB-/Negative/--; zaAA-) are unchanged after MTN agreed to a reduced fine of Nigerian naira (NGN)330 billion (US$1.7 billion) with the Nigerian federal government. While the reduced fine and payment terms improve our view of base-case and stress-case liquidity, our average forecast credit ratios have not materially changed. Our rating on MTN remains constrained at two notches above the blended average rating of Nigeria and South Africa because of MTN's exposure to regulatory and country risk in these key markets, which comprise about 60% of its revenues. Our negative outlook on MTN mirrors that on both sovereigns,
