GCR affirms Axxela’s long-term and short-term issuer rating of A-(NG)/A2

Axxela Limited, one of the leading energy solutions providers in sub-Saharan Africa, has announced the upward revision by Global Credit Ratings (GCR) of Axxela’s national scale long-term issuer rating of A- from Stable to a Positive Outlook.

The upward revision was also accorded to Axxela Funding 1 Plc’s N11.5bn Series 1 Senior Secured Fixed Rate Bonds.

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According to the ratings agency, the revision affirms Axxela’s strong earnings progression and robust cash flows facilitated by its strong competitive position.

Commenting on the achievement, Chief Financial Officer, Axxela, Timothy Ononiwu, said: “This affirmation and improved outlook recognises our consistent growth performance and strong balance sheet management.”