Axxela announces ratings upgrade from BBB+ to A-(NG) with a Stable

Axxela Limited (“Axxela”), one of Sub-Saharan Africa’s leading energy solutions provider has  announced that Global Credit Ratings (GCR) 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 has also received an upgraded National Scale Long Term Issue rating for its ‘’Axxela […]

Axxela Limited (“Axxela”), one of Sub-Saharan Africa’s leading energy solutions provider has  announced that Global Credit Ratings (GCR) 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 has also received an upgraded National Scale Long Term Issue rating for its ‘’Axxela Funding 1 Plc’s N11.5bn 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 on-going expansion.

Speaking on the upgrade, Bolaji Osunsanya, CEO, Axxela said, “We are pleased at the rating upgrades as they are a further confirmation of our market leadership position.