Moody's assigns B2 to IHS Holding

Moody's Investors Service said it assigned a B2 corporate family rating and B2-PD probability of default rating to IHS Holding Ltd.

“The assignment of the CFR to IHS Holding, the parent of IHS Netherlands Holdco BV (B2, negative), reflects the consent solicitation proposal whereby the restricted group will be widened to include IHS Holding and its subsidiaries with IHS Holding becoming a guarantor to the senior unsecured notes issued by IHS Netherlands Holdco BV,” Moody’s said in a press release.

“If the consent solicitation is successful, the B2 ratings assigned to the backed senior unsecured notes issued by IHS Netherlands Holdco BV is expected to remain unchanged. In addition, Moody's will withdraw the CFR assigned the IHS Netherlands Holdco BV, with the CFR repositioned to the parent, IHS Holding Ltd.,” the agency said.

The outlook is negative, which reflects the company’s exposure to the Nigerian market and the negative view on Nigeria’s sovereign rating.

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