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Monday, July 15, 2024

GCR affirms Axxela’s issuer ratings at A-(NG) / A2(NG) with a Stable Outlook

Axxela Limited (“Axxela”), one of the leading gas and power companies in Sub-Saharan Africa has announced the reaffirmation of its national scale long-term and short-term issuer ratings at A-(NG) and A2(NG) respectively, with the Outlook revised to Stable by Global Credit Ratings (GCR).

Speaking on the milestone, Chief Financial Officer of Axxela, Timothy Ononiwu said, “We are delighted by GCR’s latest affirmation of our rating at high investment grade.
It is a validation of our commitment to maintaining a strong financial position with a solid performance record across all our operations regardless of prevailing market conditions. The rating confirms Axxela’s resilience despite a challenging economic environment and its sustained efforts to optimise operational efficiency and ensure liquidity.

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“We remain dedicated to our growth strategy while upholding the highest standards of financial management. We are confident in the track record we have built within the sector and our ability to navigate the dynamics of the market”.

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The ratings solidify Axxela’s position as a leading energy solutions provider, its well-diversified customer base, and its strong asset quality. Axxela continues to demonstrate its commitment to delivering reliable and sustainable energy solutions to meet Nigeria’s growing energy demands.

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