Fitch affirms Naspers

Fitch Ratings said it affirmed Naspers Ltd.'s long-term foreign-currency issuer default rating at BBB-, short-term foreign-currency issuer default rating at F3, national long-term rating at A(zaf) and national short-term rating at F1(zaf).

The agency also said it affirmed the senior unsecured rating on the $700 million notes issued by subsidiary MIH BV at BBB-.

The outlook is stable.

The affirmation reflects the non-cyclical nature of the group's cash flow stream, which stems from well-established pay-TV operations in South Africa and sub-Saharan Africa, Fitch said.

Its domestic incumbent pay-TV status supports the group's leading market position with a significant subscriber base in the premium and compact tiers, the agency said.

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