Technology, media and telecomm
Moody's upgrades O'Brien's Digicel
Wednesday, 9 July 2008 15:34Ratings agency Moody's has upgraded billionaire businessman Denis O'Brien's Caribbean telecoms firm Digicel.
It now rates Digicel as a B3, rather than a B2, because of Digicel's successful launches and reduced start up expenses in the Haiti and Trinidad & Tobago markets.
Moodys also changed the rating for Digicel's outlook to positive from stable, saying success in Jamaica and its newer markets in Haiti and Trinidad & Tobago, had reduced the company's debt.
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Moodys analyst Gerald Granovsky said Digicel is the biggest wireless telecoms firm in the Caribbean and that the company has a successful track record of gaining market share and solid operating results quickly after new markets are launched.
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