S&P revises Naspers to stable

S&P said it revised its outlook on Naspers Ltd. to stable from negative and affirmed the BBB-/A-3 long- and short-term issuer credit ratings, as well as the BBB- issue rating on the group's rated instruments.

The agency said the revision reflects Naspers' successful transition to an investment holding company.

“We believe the group's investment activities are now more critical for assessing its underlying credit quality than its directly operational ones, which we understand are increasingly managed as investments,” S&P said in a news release.

The stable outlook reflects a view that Naspers will continue to benefit from the strong dynamic of its investment portfolio over the next 24 months, enabling it to pursue an acquisitive strategy aimed at reinforcing its current market positions, while keeping a comfortable LTV ratio and cash flow adequacy, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.