The affirmation reflects Scope’s expectation of a stable market position and comfortable financial risk profile, despite significant capex plans, which helps Cellfie manage liquidity risk posed by the upcoming bond maturity.

The affirmation is driven by resilient operating performance and stable growth, reflected in a sound financial risk profile despite the expansion strategy, which is expected to further strain cash flow.

The rating is driven by low leverage and the low cyclicality of the telecommunications industry. It is somewhat constrained by low diversification, weak free operating cash flow and peer group considerations.