GCR upgrades Axxela’s national scale long-term issuer rating to A+(NG)

Axxela Limited, a gas and power portfolio company in sub-Saharan Africa, has announced that GCR has upgraded its long-term issuer rating to A+(NG) and affirmed its short-term issuer rating at A1(NG), with a Stable Outlook.

The upgrade reflects Axxela’s robust business model, strong earnings performance, and sustained financial profile, reinforcing the company’s ability to deliver long-term value while maintaining financial discipline.

GCR also upgraded the long-term issue rating for Axxela Funding 1 Plc’s NGN16.4 billion series 1 senior unsecured bond to A+(NG); and the NGN11.5 billion series 1 senior secured bond to A+(NG)(EL), respectively.

Commenting on the milestone, the Group Chief Executive Officer (GCEO), Moshood Olajide, said, “The ratings upgrade by GCR is a strong endorsement of Axxela’s disciplined approach to business. Beyond recognising our financial strength, it reflects the resilience of our business model and the confidence in our strategic direction.”

“Over the past few years, we have continued to make significant strides across the business by expanding our natural gas infrastructure, strengthening our operational footprint, advancing our sustainability agenda, and maintaining an unwavering commitment to operational excellence and safety.’’

Axxela’s recent achievements have been driven by its continued focus on responsible growth, customer satisfaction, and creating lasting value for national development.

As the company continues to advance its long-term growth strategy, the upgraded ratings reinforce confidence in Axxela’s credit profile, financial resilience, and ability to create enduring value for investors, customers and other stakeholders.