Moody's rates Myriad notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to the proposed benchmark sized long-term senior unsecured notes to be issued by Myriad International Holdings BV, which is irrevocably and unconditionally guaranteed by its 100% parent company, Naspers Ltd. The agency also said it assigned a Baa3 issuer rating to Naspers.

The outlook is stable.

The new guaranteed notes are senior unsecured obligations and will rank equally with all other existing and future unsecured and unsubordinated debt obligations of the company, including the company's revolving credit facilities, Moody's said.

The proceeds will be used to repay borrowings under the company's revolving credit facility, as well as for general corporate purposes, the agency said.

The ratings reflect Naspers' leading market positions across a range of diversified media subsectors that are at different stages of maturity and in a variety of geographies, the agency said.

The ratings also consider its strong operating and financial performance, sustainable cash flow generation profile and good growth prospects, Moody's added.

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