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Cell C has moved to justify its decision to terminate its wholesale fixed-LTE offering, saying customers of the service made up just 0.5% of its base but were using 20% of its data network capacity.
S&P Global Ratings has downgraded Cell C’s debt to “D”, or “default” – its lowest-possible “junk” rating – after the mobile operator “failed to make interest payments on certain bilateral loan facilities” due last month.
Cell C’s largest shareholder, Blue Label Telecoms, will delay publication of its full-year financial results until late September to deal with various issues related to the mobile operator’s recapitalisation and restructuring.
Cell C’s largest shareholder, JSE-listed Blue Label Telecoms, has moved to reassure nervous investors about the mobile operator’s prospects.
S&P Global Ratings has downgraded Cell C’s debt rating further after the troubled mobile operator amended a private “airtime facility” agreement that the agency described as being “tantamount to a selective default”.