MTN Group Ltd. has created a provision of South African rand (ZAR) 9.3 billion (about $620 million) relating to a possible $3.9 billion fine it is negotiating with the Nigerian Communications Commission. We view MTN's decision to lower dividends and maintain sufficient liquidity for its normal obligations, while retaining flexibility to address the pending fine, as positive. We are therefore affirming our 'BBB-' and 'zaAA-' ratings on MTN and removing them from CreditWatch negative. The negative outlook reflects the uncertainty regarding the final amount of the fine and increasing country risk in Nigeria and South Africa. On March 31, 2016, Standard&Poor's Ratings Services affirmed its 'BBB-' long-term corporate credit ratings on South African mobile network operator MTN Group
