Fitch rates Naspers notes BB+

Fitch Ratings said it assigned a final rating of BB+ to Myriad International Holdings BV’s $1.2 billion senior unsecured notes.

The notes are due July 2025 with a coupon of 5˝% and are fully and unconditionally guaranteed by parent company, Naspers Ltd.

The proceeds will be used for general corporate purposes, including future acquisitions and part repayment of revolving credit facilities, Fitch said.

The notes rank equally with existing unsecured term credit facilities and the BB+ rating is in line with Naspers’ long-term issuer default rating, the agency said.

Naspers’ profitability continues to be impacted by high development spending, particularly in global e-commerce and the rollout of the company’s digital terrestrial TV service in sub-Saharan Africa, Fitch said.

But, the visibility of the company’s future cash flow generation is improving, the agency said.

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