Moody’s Withdraws Negative Outlook Rating for Jazz

Moody’s Investors Service (Moody’s) on Thursday withdrew Pakistan Mobile Communications Limited’s (Jazz) B1 corporate family rating and negative outlook.

According to Moody’s, it has decided to withdraw the rating for its own business reasons.

Pakistan Mobile Communications Limited (Jazz), established in 1990, is the largest mobile operator in Pakistan by number of subscribers. The company had 55 million customers, or a market share of around 37%, as of May 2018, according to the Pakistan Telecommunication Authority (PTA).

Jazz is 85% indirectly owned by Global Telecom Holdings SAE (GTH). GTH, which is headquartered in the Netherlands and is a global telecommunications operator, with investments in three countries: Pakistan, Bangladesh and Algeria. GTH is 57.7% indirectly owned by VEON Ltd. (Ba2 stable), domiciled in Bermuda and headquartered in the Netherlands.

VEON Ltd. is a global telecommunications provider, with operations in 12 countries, including strong market shares in Russia and Ukraine.

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