South Africa-based telecom operator MTN Group operates in 22 countries throughout Africa and the Middle East, with a leading position in most of these markets, strong and consistent profitability and cash flows, and low leverage. These strengths are partly offset by the group's exposure to competitive pressure, regulatory changes, an aggressive dividend policy, as well as risks related to operating in emerging economies. We are assigning our 'BBB' and 'zaAA+' ratings to MTN Group Ltd. and Mobile Telephone Networks Holdings (Pty) Ltd. The stable outlook reflects our expectation that MTN Group will maintain moderate revenue growth, strong liquidity, and a steady balance sheet. On Oct. 8, 2014, Standard&Poor's Ratings Services assigned its 'BBB' long-term corporate credit rating to
