IHS Netherlands' Senior Unsecured Notes Placed On CreditWatch Positive; Guarantor IHS Holding Rated 'B'; Outlook Stable

IHS Holding Ltd. (the group), a large independent multimarket tower company with strong positions in several emerging markets, benefits from attractive growth prospects but is exposed to high country risk. We expect the group will be able to maintain stable credit metrics over 2021-2022, with S&P Global Ratings-adjusted debt to EBITDA below 3.0x and funds from operations (FFO) to debt above 20%, but its significant exposure to Nigeria is a ratings constraint. We therefore assigned our 'B' long-term foreign and local currency issuer credit rating to IHS Holding and placed the 'B-' issue rating on the $1.4 billion rated senior unsecured notes issued by 100%-held subsidiary IHS Netherlands Holdco B.V. (IHS Netherlands) on CreditWatch with positive implications. The stable outlook

...June 14, 2021 - IHS Holding Ltd. (the group), a large independent multimarket tower company with strong positions in several emerging markets, benefits from attractive growth prospects but is exposed to high country risk. - We expect the group will be able to maintain stable credit metrics over 2021-2022, with S&P Global Ratings-adjusted debt to EBITDA below 3.0x and funds from operations (FFO) to debt above 20%, but its significant exposure to Nigeria is a ratings constraint. - We therefore assigned our 'B' long-term foreign and local currency issuer credit rating to IHS Holding and placed the 'B-' issue rating on the $1.4 billion rated senior unsecured notes issued by 100%-held subsidiary IHS Netherlands Holdco B.V. (IHS Netherlands) on CreditWatch with positive implications. - The stable outlook reflects the outlook on Nigeria, and our expectation that IHS Holding will maintain stable credit metrics, with FFO to debt of 20%-30%, on average, over 2021-2022. JOHANNESBURG (S&P Global Ratings)...

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