March 26, 2018 / 9:27 AM / in 25 days

BRIEF-Moody's Calls Naspers' Stake Cut In China's Tencent Credit Positive

March 26 (Reuters) - Moody’s Investors Service

* MOODY’S INVESTORS SERVICE- NASPERS REDUCES ITS STAKE IN TENCENT, A CREDIT POSITIVE

* MOODY’S- “DO NOT EXPECT NASPERS TO USE PROCEEDS TO REDUCE DEBT GIVEN ITS LONG-DATED DEBT MATURITY PROFILE AT COMPETITIVE FUNDING RATES”

* MOODY’S INVESTOR SERVICES- “EXPECT NASPERS TO REDEPLOY CAPITAL INTO NEW GROWTH OPPORTUNITIES”

* MOODY’S- “SIZABLE CASH BALANCE AND UNDRAWN $2.5 BILLION REVOLVING CREDIT FACILITY (AT NASPERS) WILL ALLEVIATE NEED TO RAISE ADDITIONAL DEBT FOR SOME TIME”

* MOODY’S- “ESTIMATE THAT THERE WILL BE A NEGLIGIBLE EFFECT ON NASPERS FROM REDUCED DIVIDEND INFLOW FROM TENCENT AS A RESULT OF SMALLER STAKE” Further company coverage:

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