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Home Companies Corporate Press Releases

Axxela accorded favourable issuer ratings of BBB+(NG) and A2(NG)

NM Partners by NM Partners
February 12, 2021
in Corporate Press Releases
 Axxela Plc’s Bond lists on Nigeria Stock Exchange 
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Axxela Limited (“Axxela”), has been accorded favourable national scale issuer ratings of BBB+(NG) and A2(NG) in the long term and short term by Global Credit Ratings (“GCR”). The ratings are valid until September 2021 and were ascribed due to Axxela’s strategic initiatives, continued diversification of revenue sources, and robust business continuity plans. Agusto & Co. also recently revalidated Axxela’s corporate credit rating as “Bbb+” with a stable outlook until June 30, 2021.

Commenting on the rating renewal, Bolaji Osunsanya, Axxela’s Chief Executive Officer, said: “Given the global headwinds faced by many sectors due to the pandemic, the company’s rating profile reaffirms our healthy financial status, competitive position, and the application of Environmental, Social, and Governance (ESG) standards across our sustainable business model. As an industry leader, Axxela will continue to spur wider industrialisation to develop communities and maximise shareholder value.”

According to the GCR report, “Axxela’s ratings reflect its leading position within the Nigerian natural gas distribution market, supported by long term distribution franchises in Lagos and Port Harcourt. Other key strengths which have underpinned the stability of earnings and cash flows include long term agreements with suppliers and customers, as well as a shipper license on the West African Gas Pipeline which enables Axxela supply gas to other West African countries. Axxela evidenced resilient performance in 3Q FY20, despite the COVID-19 disruptions, and reported strong revenue growth over the review period underpinned by a larger client base, rising volumes, and firmer selling prices.”

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Axxela recently became the first Nigerian midstream company to successfully achieve a dual-listing of debt securities on the Nigerian Stock Exchange (NSE) and the FMDQ markets. The listing of the N11.5bn Series 1 Bonds is part of a multi-year N50 billion Debt Issuance Programme issued through a special purpose vehicle – Axxela Funding 1 PLC.

“We appreciate the continued recognition of our enterprise by the financial community, and the positive credit ratings further enhance Axxela’s anticipated portfolio diversification initiatives. Confidence in our company’s future increases the certainty of access to capital markets, which are critical to our continued growth and midterm regional expansion strategy,” said Timothy Ononiwu, Axxela’s Chief Financial Officer.

About Axxela

Axxela is a Helios Investment Partners LLP portfolio company, and the first privately-owned designated natural gas shipper on the West African Gas Pipeline (WAGP). Axxela is also the pioneering private sector-led developer of natural gas distribution in Nigeria, delivering at peak 80 million standard cubic feet per day to over 180 industrial and commercial clients via a vast network of gas infrastructure. With over 330 km in gas pipeline infrastructure built, Axxela provides unique energy solutions primarily through its subsidiaries: Gaslink Nigeria Limited, Gas Network Services Limited, Central Horizon Gas Company Limited, and Transit Gas Nigeria Limited.

Tags: AxxelaGlobal Credit Ratings
NM Partners

NM Partners

"NM Partners" encompasses a diverse range of articles and content published on behalf of various organizations, including corporate entities, government and non-governmental institutions, academic bodies, and key stakeholders in the economic sphere. This content spectrum covers press releases, formal announcements, specialized content, product promotions, and a variety of corporate communications tailored to engage our readership. Notably, a portion of these articles are sponsored content. At Nairametrics, while we provide a platform for these diverse voices, it is important to clarify that our relationship with the content under "NM Partners" does not imply endorsement or affiliation. The responsibility for the content accuracy and viewpoints expressed rests solely with the respective contributors. Nairametrics maintains a firm commitment to editorial independence and integrity. Consequently, we do not assume responsibility for any of the content published under "NM Partners." For any inquiries, comments, or feedback regarding the content featured in this section, we encourage open communication and can be reached at info@nairametrics.com. Additionally, we invite our readers and contributors to familiarize themselves with our Paid Post Guidelines, which outline the standards and processes governing paid content on our platform.

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