Fitch rates Naspers notes BBB-

Fitch Ratings said it assigned Naspers Ltd. a long-term foreign-currency issuer default rating of BBB- with stable outlook and a short-term foreign-currency issuer default rating of F3.

The agency also assigned a national long-term rating of A(zaf) with stable outlook and a short-term rating of F1(zaf).

Fitch assigned wholly owned subsidiary MIH BV's proposed senior unsecured notes an expected senior unsecured foreign currency rating of BBB-. The notes will be unconditionally and irrevocably guaranteed by Naspers.

Ratings are supported by non-cyclical cash flow visibility underpinned by Naspers' robust subscription-based pay-TV operations in South Africa and sub-Sahara Africa, the agency said.

Ratings reflect the strong historical funds from operations growth supported by the profitable core pay-TV segment and rising FFO contribution from international internet assets and associated income cash flows, the agency said.

Naspers maintained a prudent financial profile with an adjusted net leverage of less than 1.5x, Fitch said.

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