Axxela Limited, a leading sub-Saharan Africa gas and power solutions company, has received an upgrade of its national scale long-term and short-term issuer ratings from GCR to A(NG) and A1(NG), respectively, from A-(NG) and A2(NG).
Concurrently, GCR Ratings also upgraded Axxela Funding 1 Plc’s bond programmes. The ₦16.4 billion Series 1 senior unsecured bond was raised to A(NG) from A-(NG), while the ₦11.5 billion Series 1 senior secured bond was upgraded to A(NG)(EL) from A-(NG)(EL).
The outlook across all ratings remains positive, underscoring the company’s prudent financial management.
According to GCR, the upgrades reflect Axxela’s above-budget earnings performance, improved free cash flows, and significant strengthening in leverage metrics. GCR further noted the company’s sustained earnings growth, which reached a new peak in 2024, driven by favourable currency translation, tighter cost controls, and scale efficiencies.
Commenting on the upgrade, Timothy Ononiwu, Group Chief Executive Officer of Axxela, said: “This rating reaffirms our sound strategy, operational resilience, prudent financial management, and execution excellence. Buoyed by this upgrade, we are even more determined to scale our infrastructure footprint, deepen partnerships, deliver cleaner energy solutions that power Nigeria’s industries and communities, and extend such to the West African region”.
This latest upgrade builds on Axxela’s consistent track record, following the recent upgrade of its corporate credit rating by Agusto & Co. from ‘A’ to ‘Aa-’, with a stable outlook.
Over the past five years, Axxela has demonstrated financial discipline, strategic execution, and a well-diversified customer base across multiple sectors. The company continues to consolidate its position as a leading private sector provider of gas and energy solutions in Nigeria and West Africa.
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