LONDON: Helios Towers plc, the independent telecommunications infrastructure company, announced Moody’s Investors Service has upgraded the Company’s long-term corporate family rating from B2 to B1 with a stable outlook.

The rating on Helios Towers’ 7.000% Senior Notes due 2025 was also upgraded as part of the rating action to B1.

The positive rating action reflects Moody’s view that Helios Towers credit profile has sustainably improved, following the company’s successful deleveraging in 2023 and improved free cash flow outlook from 2024. In addition, the ratings action has been supported by the Company’s track record of strong organic growth in dollar terms, demonstrating its effective mitigations from local currency depreciation, and an improved sovereign profile. The improved sovereign profile reflects acquisitions into higher rated markets such as Oman, and improved credit profiles in its largest two markets, Tanzania and DRC.

Moody’s upgrade marks the second major credit rating agency to assign a B1-equivalent rating to Helios Towers, following Fitch’s B+ rating assigned in July 2022.