How Moody’s rated IHS*
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How Moody’s rated IHS*

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On 28 October 2016 IHS Netherlands Holdco B.V., which owns 100% of IHS Nigeria Ltd, announced the successful launch of an $800mn high yield corporate bond issue which was listed on the Irish Stock Exchange. The bond, with a 9.5% coupon and a maturity date of 2021, is the largest high yield corporate bond to come out of Africa outside of South Africa and was assigned a Ba3 rating by Moody’s. In conjunction with the rating of the bond, Moody’s also assigned a B1 corporate family rating to IHS Netherlands Holdco B.V. which provided interesting insights into the assessment of the Sub-Saharan towerco business by this ratings agency.


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