Fitch lifts IHS Netherlands view to stable

Fitch Ratings said it revised the outlook on IHS Netherlands Holdco BV's long-term issuer default rating to stable from negative and affirmed its issuer default rating at B+.

The action was driven by the outlook revision on the Nigerian sovereign, Fitch explained.

Through its fully owned subsidiaries, IHS Netherlands owned 6,107 telecommunications towers in Nigeria as of the second quarter of 2018, the agency said.

Developments in the past 12- to 18-months demonstrate that IHS Netherlands' free cash flow generation is resilient in the face of foreign-currency volatility and despite one of its key customers having financial distress, Fitch added.

The ratings are constrained by the Nigerian country ceiling of B+, the agency said.

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