Various Rating Actions Taken On Corporate Issuers With Exposure To Nigeria Following Sovereign Outlook Revision - S&P Global Ratings’ Credit Research

Various Rating Actions Taken On Corporate Issuers With Exposure To Nigeria Following Sovereign Outlook Revision

Various Rating Actions Taken On Corporate Issuers With Exposure To Nigeria Following Sovereign Outlook Revision - S&P Global Ratings’ Credit Research
Various Rating Actions Taken On Corporate Issuers With Exposure To Nigeria Following Sovereign Outlook Revision
Published Feb 15, 2023
10 pages (4916 words) — Published Feb 15, 2023
Price US$ 150.00  |  Buy this Report Now

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Abstract:

JOHANNESBURG (S&P Global Ratings) Feb. 15, 2023--S&P Global Ratings said today that it has taken rating actions on corporate issuers rated at the same level as 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 (see "Nigeria Outlook Revised To Negative From Stable On Weakening Fiscal And External Metrics; 'B-/B' Ratings Affirmed," published Feb. 3, 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: Raised our ratings on IHS Holding

  
Brief Excerpt:

...February 15, 2023 JOHANNESBURG (S&P Global Ratings) Feb. 15, 2023--S&P Global Ratings said today that it has taken rating actions on corporate issuers rated at the same level as 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 (see "Nigeria Outlook Revised To Negative From Stable On Weakening Fiscal And External Metrics; 'B-/B' Ratings Affirmed," published Feb. 3, 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: - Raised our ratings on IHS Holding Ltd. (IHS) and its senior unsecured notes to 'B+' from 'B'. The outlook is negative. - Affirmed our '##-' ratings on MTN Group Ltd. and Mobile Telephone Networks Holdings Ltd. and maintained...

  
Report Type:

Ratings Action

Issuer
MTN Group Ltd.
GICS
Wireless Telecommunication Services (50102010)
Sector
Global Issuers
Country
South Africa
Region
Europe, Middle East, Africa
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Various Rating Actions Taken On Corporate Issuers With Exposure To Nigeria Following Sovereign Outlook Revision" Feb 15, 2023. Alacra Store. May 25, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Various-Rating-Actions-Taken-On-Corporate-Issuers-With-Exposure-To-Nigeria-Following-Sovereign-Outlook-Revision-2949324>
  
APA:
S&P Global Ratings’ Credit Research. (). Various Rating Actions Taken On Corporate Issuers With Exposure To Nigeria Following Sovereign Outlook Revision Feb 15, 2023. New York, NY: Alacra Store. Retrieved May 25, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Various-Rating-Actions-Taken-On-Corporate-Issuers-With-Exposure-To-Nigeria-Following-Sovereign-Outlook-Revision-2949324>
  
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