S&P cuts IHS Netherlands

S&P said it lowered its ratings for IHS Netherlands Holdco BV and its notes to B from B+ to correct the misapplication of its group rating methodology and sovereign rating criteria.

The agency said it incorrectly assessed the company could be rated above the transfer and convertibility assessment on Nigeria as a result of group support from IHS Holding Ltd. IHS Netherlands has 100% exposure to Nigeria.

“Although we continue to view IHS Netherlands as a core subsidiary of IHS Holding, we now cap its issuer credit rating in line with the T&C assessment of Nigeria at B, which is equal to the sovereign rating on Nigeria,” said S&P in a press release.

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