We are pleased to announce that Global Credit Ratings (GCR) has upgraded the national scale long-term issuer rating of MTN Nigeria Communications Plc (MTN Nigeria) to AAA and affirmed the national scale short-term rating of A1+, with a stable outlook. In addition, GCR upgraded the national scale long-term rating of the recently concluded N110 billion Series 1 Senior Unsecured Bond to AAA with a stable outlook.
These represent the highest possible long-term and short-term ratings on GCR’s national rating scale, and MTN Nigeria is the first mobile network operator in Africa to be accorded such ratings by GCR.
According to GCR, “the ratings accorded to MTN Nigeria reflect its very strong competitive position as the leading provider of telecommunications services in Nigeria, as well as its strong earnings and cash flow which has supported a robust financial profile.”
Commenting on the rating, Karl Toriola, Chief Executive Officer, MTN Nigeria, said, “We are delighted with the outcome of the GCR rating. This demonstrates the resilience of our business and positions MTN Nigeria as the benchmark of reference for the information and communications technology sector for long-dated, fixed-term instruments. As we continue to invest in our network and strengthen our risk management processes, we remain focused on sustaining and accelerating growth in line with our Ambition 2025 strategy.”
About MTN Nigeria
MTN Nigeria is one of Africa’s largest providers of communications services, connecting over 71 million people in communities across the country with each other and the world. Guided by a vision to lead the delivery of a bold new digital world, MTN Nigeria’s leadership position in coverage, capacity and innovation has remained constant since its launch in 2001. MTN Nigeria is part of the MTN Group – a multinational telecommunications group, which operates in 21 countries in Africa and the Middle East.