S&P upgrades Helios Towers, debt

S&P said it raised its long-term corporate credit rating on Helios Towers Nigeria Ltd. and on special-purpose entity Helios Towers Finance Netherlands BV, a wholly owned subsidiary of Helios Towers, to B+ from B.

The outlook is stable.

In addition, the agency upgraded its issue rating on the $250 million senior unsecured bonds issued by Helios Towers Finance Netherlands and guaranteed on a senior unsecured basis by Helios Towers and its subsidiary Tower Infrastructure Co. Ltd. to B+ from B.

S&P also raised its issue rating on Helios Towers’ Nigerian naira (NGN)3.2 billion senior secured revolving credit facility (RCF) due July 2019, which was initially rated as a $20 million facility, but is around $10.5 million at current Central Bank of Nigeria exchange rates, to B+ from B.

S&P said the upgrade reflects its view that Helios Towers is a core subsidiary of its parent IHS Holding, the largest independent mobile tower infrastructure operator in Africa. The agency believes that the company’s accelerated incorporation into IHS Holding is a positive rating factor.

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