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Beltone downgrades rating of Egypt's Mobinil

24 August 2010

Rating of Egypt's MobiNil has been lowered by Beltone Financial to 'add' from 'buy', reflecting the mobile network operator's exceptionally weak operational performance amidst escalating competition in the market, Reuters has reported. "Due to the expected annual decline in revenues and the tightening margins, we expect net income to come under pressure, affecting the company's payout ratio, and its ability to distribute dividends, negatively," Beltone said.

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