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S&P: HIS Netherlands bond B+
S&P said it assigned a B+ long-term corporate credit rating to IHS Netherlands Holdco BV.
The outlook is stable.
S&P also said it assigned a B+ rating to the company’s $800 million bond.
The agency also said it affirmed all of the ratings on IHS Netherlands' subsidiaries, IHS Towers NG Ltd. and IHS Towers Netherlands FinCo NG BV, and subsequently withdrew the ratings at the company's request.
The ratings are supported by IHS Netherlands’ role as a core subsidiary of IHS Holding, the largest independent mobile tower infrastructure operator in Europe, Middle East and Africa by tower count, S&P explained.
The ratings also reflects the company's exposure to very high country risk in Nigeria, which will generate negative free operating cash flow in 2016 through 2017, partly offset by robust operating margins and declining leverage, the agency said.
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