DNA PLC STOCK EXCHANGE RELEASE 9 September 2019, 14:45 pm (EEST)
Credit research company Standard & Poor's Global Ratings has upgraded DNA’s long-term credit rating to BBB+ (previously BBB) with Stable outlook. At the same time DNA has been removed from Credit Watch.
The upgrade of credit rating is based on Telenor share transaction. In S&P’s view DNA, being a strategically important subsidiary, can benefit from Telenor’s support. According to S&P Telenor has stronger credit quality as a larger and more diversified telecom operator. Concurrently S&P upgraded credit rating for DNA’s unsecured bond which is due in 2025 from BBB to BBB+.
Norwegian telecommunications company Telenor ASA announced on 9 April 2019, that it will acquire 54% of the shares in DNA from Finda Telecoms Oy and PHP Holding Oy. On 21 August 2019, the DNA share transaction was completed, following the fulfilment of certain conditions, including the approval by the general meetings of the seller entities and required EU Commission and Finnish regulatory approvals.
The upgrade does not have an impact on DNA’s current financing costs.
Jaakko Happo, Head of Treasury, DNA Plc, 044 044 8018, email@example.com
Marja Mäkinen, Head of IR, DNA Plc, +358 44 044 1262, firstname.lastname@example.org
DNA is a Finnish telecommunications group providing high-quality voice, data and TV services for communication, entertainment and working. DNA is Finland's largest cable operator and the leading pay TV provider. Our mission is to provide products and services that make our private and corporate customers' lives simple. As a telecommunications operator, DNA plays an important role in society by providing important communication connections and by enabling digital development. DNA was ranked as Finland's best place to work in 2019 in the Great Place to Work survey’s large companies category. In 2018, our net sales were EUR 912 million and our operating profit EUR 139 million. DNA has more than 4 million subscriptions in its fixed and mobile communications networks. The Group also includes DNA Store, Finland's largest retail chain selling mobile phones. DNA shares are listed on Nasdaq Helsinki Ltd. For further information, visit www.dna.fi or follow us on Twitter @DNA_fi and Facebook.