Moody’s cuts IHS Netherlands, notes

Moody's Investors Service, said it downgraded IHS Netherlands Holdco BV's corporate family rating to B2 from B1, probability of default rating to B2-PD from B1-PD and $800 million 9˝% senior unsecured guaranteed notes due 2021 to B1 from Ba3.

The outlook is stable.

The downgrades follow the agency’s downgrade of Nigeria's sovereign rating to B2 from B1.

"We have downgraded IHS by one notch to B2 to reflect its reliance on Nigeria for a significant share of its earnings and as such is not immune to the country's continued constrained economic environment, especially the government's slow response to addressing these economic pressures," Douglas Rowlings, Moody’s vice president, senior analyst and local market analyst for IHS Netherlands, said in a news release.

"However, IHS's rating on its $800 million senior unsecured notes will continue to benefit from a one notch uplift above the Nigeria's sovereign rating at B1, to reflect the structural enhancement provided by the drawdown on a $900 million subordinated shareholder loan."

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