Peter Uzoho
Energy solutions provider, Axxela, has announced that Global Credit Ratings (GCR) has upgraded its National Scale Long-term Issuer rating to A-(NG) and affirmed the Short-term Issuer at A2(NG), with a Stable Outlook.
The company in a statement said it also received an upgraded National Scale Long Term Issue (NSLTI) rating for its funding of N11.5 billion Series 1 Senior Secured Fixed Rate Bonds from BBB+ to A-(NG)(EL), with the outlook accorded as stable.
According to the GCR report, the ratings upgrade enable the company and its subsidiaries to continue to report strong earnings and cash flows, thereby supporting comfortable credit protection metrics despite ongoing expansion.
Speaking on the upgrade, Chief Executive Officer of Axxela, Bolaji Osunsanya, said: “We are pleased at the rating upgrades as they are a further confirmation of our market leadership position.
“Our continued growth and business expansion despite the challenges of a pandemic year is proof of a resilient business model.
“We will continue to strengthen our operations in order to remain competitive across all key markets whilst delivering value to all key stakeholders including investors and shareholders.”
The Chief Financial Officer, Axxela, Timothy Ononiwu, in his remarks, stated that the upgrade represented a positive milestone for the organisation.
“It is the result of hard work, professionalism and consistent focus on business efficiency, financial stability and deep commitment to operational excellence. Recognition of this nature propels us for the future,” he said.
