Moody's affirms Pakistan Mobilink

Moody's Investors Service said it affirmed Pakistan Mobilink Communications Ltd.'s local-currency corporate family rating at B1 and senior unsecured bond rating at B3.

The outlook is negative.

The affirmation is in response to the company's recently announced cash-funded tender offer on its $250 million 8.625% notes due 2013, Moody's said.

If successful, the tender offer will result in a modest decline in leverage and interest savings, the agency said. Although positive for the overall financial profile, this is unlikely to result in any positive rating action due to ongoing concerns over the deterioration in Pakistan's political and economic environment and the impact that such continued deterioration will have on Mobilink's operating and financial profile, Moody's said.

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