etisalat seeks first credit rating by end of June

Abu Dhabi: Emirates Telecommunications Corp (etisalat) said on Sunday it expects to get its first credit rating by the end of June in a bid to help its expansion overseas.

"In keeping with our future business plans and corporate strategy, we are in the process of being rated by three international agencies," chief financial officer Salem Ali Al Sharhan told Reuters.

Sharhan said the ratings would be ready towards the end of June.

etisalat has said this year it is looking at expanding in Africa, Iran and India.

etisalat, the second larg-est mobile operator in the Gulf Arab region, is the latest Abu Dhabi corporate to seek a credit rating.

Mubadala plan

Mubadala Development Co, an investment agency for Abu Dhabi Government, said last week it was seeking its first rating in a bid to lower borrowing costs.

Standard and Poor's Rating Services had assigned Aldar Properties, Abu Dhabi's largest real estate developer by market value, an A- long-term rating and Moody's Investor Services an A3 rating with a stable outlook in April.