GCR Upgrades Axxela's Long-term Rating to A+(NG)

GCR has upgraded Axxela's long-term issuer rating to A+(NG) and affirmed its short-term issuer rating at A1(NG) with a stable outlook. This upgrade is attributed to Axxela's robust business model, strong earnings performance, and sustainable financial profile, which reinforce the company's ability to deliver long-term value while maintaining financial discipline.

The upgrade also pertains to Axxela Fund 1 Plc's NGN 16.4 billion Series 1 senior unsecured bond and NGN 11.5 billion Series 1 senior secured bond. Moshood Olajide, the Group Chief Executive Officer, commented that the rating upgrade by GCR is a strong endorsement of Axxela's disciplined approach to business, recognizing its financial strength and resilient business model.

He expressed confidence in the strategic direction taken over the past few years, highlighting significant strides made in expanding the business, particularly in natural gas infrastructure, strengthening operational footprint, and advancing sustainability agendas while maintaining unwavering commitment to operational excellence and safety.