BusinessDay
NigeriaDecides2023

Axxela retains “A-” credit rating by Agusto & Co

Axxela Limited, one of the leading energy solutions providers in Sub-Saharan Africa, has retained its “A-” corporate credit rating by Agusto & Co., for the second year running.

Following a successful corporate rating report, the rating agency has affirmed the “A-” rating assigned to Axxela and its Series 1 Bond, an official statement by the firm read.

Axxela is a pioneering private sector-led developer of natural gas; a company co-owned by Helios Investment Partners LLP and Sojitz Corporation.

It is a designated natural gas shipper on the West African Gas Pipeline (WAGP), and a member of the West African Power Pool (WAPP), delivering natural gas to about 200 industrial and commercial customers through a vast network of natural gas infrastructure.

Read also: Agusto & Co assigns Bbb- rating to Smart Residences

A credit rating is an opinion of a particular credit agency regarding the ability and willingness of an entity (government, business, or individual) to fulfill its financial obligations in completeness and within the established due dates.

Commenting on the development, Timothy Ononiwu, Axxela, Chief Financial Officer, said: “The affirmation of our rating reflects our resilience and prudent management of our operations despite headwinds in the macroeconomic environment.

He said: “It also underscores increasing confidence of local and international investors in our growth potentials.”

According to the statement, retaining the credit rating underpins Axxela’s strong operating performance, continuous demonstration of good financial standing, and ongoing investments in innovative business solutions.

Agusto & Co is Nigeria’s first Credit Rating Agency and a Pan African leader in credit ratings and credit reports. It has assigned well over 3,000 ratings across various sectors.

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