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The ratings take into account Fitch's view of a mature telecom market in Etisalat's domestic market where it generates the vast majority of its EBITDA (72% in H113). While Etisalat's rating is supported by the its strong domestic market share, which is viewed as an important driver of the rating, Fitch notes that high penetration rates of mobile services and potential regulatory measures on mobile number portability as well as on bit-stream internet access could lead to sustained competition over the medium term and thus place pressure on Etisalat's business risk profile and operating profitability. However, Fitch expects strong cash flow generation to continue in the medium term with low double-digit pre-dividend FCF margins, underpinned by the company's above sector average EBITDA margin.
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