S&P rates Prosus notes BBB-

S&P said it assigned a BBB- long-term issue rating to Prosus NV’s new $1 billion 4.027% senior unsecured notes due 2050, its €500 million, 1.593% senior unsecured notes due 2028 and its €500 million, 2.031% senior unsecured notes due 2032. Prosus is owned by South Africa-based Naspers Ltd.

“We rate the company’s debt BBB-, the same as the issuer credit rating, because no significant elements of subordination risk are present in the capital structure, and the holding company has a low level of debt,” S&P said in a press release.

Prosus intends to use the proceeds to bolster liquidity and for general corporate purposes, which could include future acquisitions.

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