Foreign currency movements have negatively affected South Africa-based MTN Group's consolidated rand reporting, particularly with regard to contributions from its Nigerian operations. We expect adjusted leverage above 2x on a sustained basis, including our large operating-lease debt adjustment, a significant portion of which related to the sale and leaseback of tower assets that occurred in 2014-2015. We are therefore affirming our 'BB+' corporate credit ratings and senior unsecured debt ratings on MTN, and lowering our stand-alone credit profile on MTN to 'bbb-' from 'bbb'. The outlook remains negative, reflecting the possibility that we could downgrade MTN over the next year if the rating on South Africa falls further, reflecting weaker market conditions for MTN and its combined exposure to South
