Axxela Limited, a gas and power portfolio company, announced that Global Credit Ratings has upgraded its national scale long-term issuer rating to “A-(NG)” and affirmed the short-term issuer at “A2(NG)”, with a stable outlook.
The company said in a statement that it had also received an upgraded national scale long term issue rating for its ‘Axxela Funding 1 Plc’s N11.5billion Series 1 Senior Secured Fixed Rate Bonds’ from “BBB+” to “A-(NG)(EL)’’, with the outlook accorded as stable.
According to the GCR report, the ratings upgrade is underpinned by Axxela’s established market position, which has enabled the company and its subsidiaries to continue to report strong earnings and cash flows, thereby supporting comfortable credit protection metrics despite the ongoing expansion.
Speaking on the upgrade, the Chief Executive Officer, Axxela, Bolaji Osunsanya, said, “We are pleased at the rating upgrades as they are a further confirmation of our market leadership position. Our continued growth and business expansion despite the challenges of a pandemic year is proof of a resilient business model.
“We will continue to strengthen our operations in order to remain competitive across all key markets whilst delivering value to all key stakeholders including investors and shareholders.”
According to the statement, the upgraded rating is supported by Axxela’s competitive position in the energy sector, with its product offering spanning the natural gas value chain: processing, transmission and distribution, power generation and energy infrastructure development, and with operations across Nigeria and West Africa.
The Chief Financial Officer, Timothy Ononiwu, said, “This upgrade represents a positive milestone for us as an organisation.
“It is the result of hard work, professionalism and consistent focus on business efficiency, financial stability and deep commitment to operational excellence. Recognition of this nature propels us for the future.”
