Research Update: IHS Netherlands Senior Unsecured Notes Upgraded To ?B? On Holding Company Guarantee; 'B-' Issuer Credit Rating Withdrawn

IHS Holding Ltd. (the group) is now guarantor of the senior unsecured notes ($1.45 billion on March 31, 2021) issued by IHS Netherlands Holdco B.V. (IHS Netherlands) following the consent solicitation process with noteholders. We are raising our ratings on the notes to 'B' from 'B-' and removing them from CreditWatch, where we placed them on June 14, 2021, with positive implications, while affirming our 'B' rating on IHS Holding. At the same time, we are withdrawing our 'B-' issuer credit rating on IHS Netherlands at the company's request. At the time of the withdrawal, the outlook was stable. Our stable outlook on IHS Holding reflects that on Nigeria, and our expectation that the company will maintain stable credit metrics,

...- IHS Holding Ltd. (the group) is now guarantor of the senior unsecured notes ($1.45 billion on March 31, 2021) issued by IHS Netherlands Holdco B.V. (IHS Netherlands) following the consent solicitation process with noteholders. - We are raising our ratings on the notes to 'B' from 'B-' and removing them from CreditWatch, where we placed them on June 14, 2021, with positive implications, while affirming our 'B' rating on IHS Holding. - At the same time, we are withdrawing our 'B-' issuer credit rating on IHS Netherlands at the company's request. At the time of the withdrawal, the outlook was stable. - Our stable outlook on IHS Holding reflects that on Nigeria, and our expectation that the company will maintain stable credit metrics, with funds from operations (FFO) to debt of 20%-30% on average over 2021-2022....

Research Update