GCR Upgrades Axxela’s National Scale Long-term Issuer Rating to A+(NG)

Axxela Limited, a prominent gas and power portfolio company in sub-Saharan Africa, has received a significant credit rating upgrade from GCR. The agency elevated Axxela's long-term issuer rating to A+(NG) and affirmed its short-term issuer rating at A1(NG), maintaining a Stable Outlook.

This upgrade acknowledges Axxela's robust business model, consistently strong earnings performance, and a sustained financial profile. GCR's assessment reinforces the company's capacity to deliver long-term value while adhering to strict financial discipline. The agency also upgraded the long-term issue ratings for Axxela Funding 1 Plc's senior unsecured and senior secured bonds.

“

The ratings upgrade by GCR is a strong endorsement of Axxela’s disciplined approach to business. Beyond recognising our financial strength, it reflects the resilience of our business model and the confidence in our strategic direction.

Group Chief Executive Officer of Axxela, Moshood Olajide, hailed the rating upgrade as a strong endorsement of the company's disciplined business approach. "Beyond recognising our financial strength, it reflects the resilience of our business model and the confidence in our strategic direction," Olajide stated.

He further highlighted Axxela's recent achievements, including significant strides in expanding natural gas infrastructure, strengthening operational presence, advancing its sustainability agenda, and maintaining an unwavering commitment to operational excellence and safety. These factors collectively contribute to the company's positive financial standing and future prospects.

“

Over the past few years, we have continued to make significant strides across the business by expanding our natural gas infrastructure, strengthening our operational footprint, advancing our sustainability agenda, and maintaining an unwavering commitment to operational excellence and safety.