...August 10, 2023 JOHANNESBURG (S&P Global Ratings) Aug. 10, 2023--S&P Global Ratings today took rating actions on corporate issuers rated at the same level or higher than Nigeria under its criteria for rating issuers above the sovereign. The rating actions follow the outlook revision on the foreign currency rating on Nigeria to stable from negative on a smooth transition of power given the March 2023 elections, progress on structural reforms, and reduced risks to fiscal metrics (see "Nigeria Outlook Revised To Stable From Negative On Reform Initiatives; 'B-/B' Ratings Affirmed," published Aug. 4, 2023, on RatingsDirect). We also considered that the impact of political and regulatory risks, potential depreciation of the Nigerian naira versus other global currencies, and oil price volatility could weaken these issuers' earnings prospects and lead to higher leverage. Specifically, we: - Revised our outlook on IHS Holding Ltd. to stable from negative and affirmed our 'B+' ratings on the company...
