NEW YORK-Moody’s Investors Service has lowered the speculative-grade ratings of the $962 million in outstanding Millicom International Cellular S.A. debt to Caa3 and assigned a negative outlook to the company.
Millicom is a developer and operator of cellular phone service in 17 countries in Latin America, Asia and Africa.
The company has lately used “non-operating sources of cash, such as the sale of investments and assets . to service sizeable bond interest payments . (a) method of servicing debt that is unsustainable in the long run,” Moody’s said.
