Moody's rates Naspers 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 assigned a Baa3 issuer rating to Naspers.

The outlook is stable.

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

The Baa3 rating reflects Naspers' leading market positions across a range of diversified media sub-sectors, as well as its strong operating and financial performance, sustainable cash flow generation and good growth prospects, the agency said.

The Baa3 rating also takes into account the group's position as an emerging markets operator and its susceptibility to political and economic instability, or regulatory and currency fluctuation risks, the agency noted, as well as its complex organizational structure.

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