At the same time Moody’s affirmed IHS’ B2 corporate family rating (CFR) and B2-PD probability of default rating. The proposed notes will be fully and unconditionally guaranteed by IHS Netherlands NG1 B.V., IHS Netherlands NG2 B.V., Nigeria Tower Interco B.V., IHS Nigeria Limited, IHS Towers NG Limited and INT Towers Limited (INT). The B2 rating on the proposed notes is in line with the CFR despite the presence of subordinated intercompany shareholder loans which Moody’s consider as debt.
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