GCR affirms Axxela’s long-term, short-term issuer rating with a revised outlook to positive

Axxela Limited (“Axxela”), one of the leading energy solutions providers in Sub-Saharan Africa, has announced the upward revision by Global Credit Ratings (GCR) of Axxela’s national scale long-term issuer rating of A- from Stable to a Positive Outlook.

The upward revision was also accorded to Axxela Funding 1 Plc’s N11.5bn Series 1 Senior Secured Fixed Rate Bonds.

According to the ratings agency, the revision affirms Axxela’s strong earnings progression and robust cash flows facilitated by its strong competitive position.

Commenting on the achievement, Chief Financial Officer, Axxela, Timothy Ononiwu, said, “This affirmation and improved outlook recognises our consistent growth performance and strong balance sheet management. Over the years, we have continued to demonstrate leadership within our sector, with rapid expansion strategy domestically and into the African region despite the unstable operating environment.”

The ratings revision emphasises that Axxela continues to garner scale through its expanding footprint and product offering, reinforcing its already strong competitive position in the Nigerian natural gas distribution market.