Fitch rates IHS notes BB-

Fitch Ratings said it assigned IHS Holding Ltd.'s planned senior unsecured notes an instrument rating of BB-. The notes will be IHS Holding's first group level issuance and rank pari passu with the company's other notes.

“The proposed notes, if successfully placed, will increase the group's leverage slightly, but it will remain comfortably within our leverage thresholds for the BB- rating,” Fitch said in a press release.

The proceeds are expected to be used to refinance the $510 million of 2025 notes.

Fitch said it expects the IPO proceeds and available liquidity, including any excess cash raised by the offering, will finance the acquisition of TIM Fiberco, investments in Egypt and other future investments.

The outlook is stable.

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