S&P gives IHS Holding B

S&P said it gave a B long-term foreign- and local-currency issuer credit rating to IHS Holding Ltd. and placed the B- issue rating on the $1.4 billion rated senior unsecured notes issued by 100%-held subsidiary IHS Netherlands Holdco BV on CreditWatch with positive implications.

“We expect the group will be able to maintain stable credit metrics over 2021-2022, with S&P Global Ratings-adjusted debt to EBITDA below 3x and funds from operations (FFO) to debt above 20%, but its significant exposure to Nigeria is a ratings constraint,” S&P said in a press release.

The outlook is stable, reflecting the outlook on Nigeria, where the company has significant exposure.

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