MTN Nigeria Achieves AAA Credit Rating Upgrade

MTN Nigeria Communications PLC has been upgraded to a long-term national scale rating of AAA by Agusto & Co, the highest possible rating, which underscores the company's strong financial position and market leadership in Nigeria's telecommunications sector. The rating agency also reaffirmed MTN Nigeria's short-term rating at A1, maintaining a stable outlook.

This upgrade follows a similar affirmation by Global Credit Rating Company (GCR), which rated MTN Nigeria at AAA ng for long-term and A1 ng for short-term. Agusto & Co noted that the company's expected recovery in earnings, driven by tariff adjustments and increased data consumption, along with reduced foreign exchange pressures following the repayment of its US dollar-denominated obligations, played a key role in this decision.

Karl Toriola, the Chief Executive Officer of MTN Nigeria, described the upgrade as a reflection of the company's financial resilience and disciplined management.