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Agusto & Co reaffirms Axxela’s ‘A’ credit ratings three years consecutively

Agusto & Co reaffirms Axxela’s ‘A’ credit ratings three years consecutively

Axxela Limited has announced that it has retained its “A-” corporate credit rating by Agusto & Co. for the third consecutive year.

The statement by the Pan-African Credit Rating Agency followed a successful corporate rating report, which affirmed the “A-“/Stable rating assigned to Axxela and its Series 1 Bond.

Commenting on the report, Timothy Ononiwu, Chief Financial Officer at Axxela, said, “Over the past three years, Axxela has consistently maintained its ‘A-’/Stable corporate credit rating.

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“This consecutive accomplishment once again validates our business model and reflects the excellence and fundamentals of Axxela’s commendable business operations as we expand our natural gas pipeline footprint and access to innovative energy solutions that have the potential to address rapid industrialisation and economic growth on the continent”.

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He added that retaining a solid credit rating underscores the company’s robust and sound financial standing and the viability of its investments across the natural gas value chain.

Axxela is a pioneer private sector developer of natural gas; a company co-owned by Helios Investment Partners LLP and Sojitz Corporation. It 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 via a vast network of natural gas infrastructure.