Emirates Telecommunications Corporation Ltd -- Moody's affirms Etisalat's Aa3 rating

DIFC - Dubai, July 25, 2013 -- Moody's Investors Service has today affirmed the Aa3 issuer rating of Emirates Telecommunications Corporation Ltd (Etisalat). This follows the announcement on 23 July, 2013 that Vivendi (Baa2/negative) has granted Etisalat a period of exclusivity for the acquisition of Vivendi's 53% stake in Itissalat Al Maghrib (Maroc Telecom; MT, not rated) until 25 September, 2013. The outlook remains stable at this point but is likely to be changed to negative should Etisalat complete the acquisition and finance it with cash and new debt.

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