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MTN Nigeria Communications Plc – Credit ratings review

By Published On: July 21st, 2022Categories: Corporate announcement

MTN Nigeria Communications PLC (MTN Nigeria or the Company) is pleased to announce that GCR has affirmed the national scale long-term and short- term Issuer rating of AAA(NG) and A1+(NG) for MTN Nigeria, with a Stable Outlook. GCR also maintained The same rating on the outstanding MTN Nigeria bonds.

According to GCR, “the rating affirmation is driven by MTN Nigeria’s strong competitive position within the Nigerian Telecommunications sector, which continues to support robust earnings and cash flow, and solid leverage metrics.” In 2021, GCR upgraded the Company’s credit rating and the rating on MTN Nigeria’s outstanding bonds to AAA, making MTN Nigeria the First mobile network operator in Africa to be accorded such a rating by GCR.

The Company is also pleased to announce -That Agusto & Co. has upgraded MTN Nigeria’s credit rating fo Aa+. According to Agusto & Co., the upgraded rating reflects the Company’s solid Financial situation, characterized by superior and sustainable profitability levels, strong cash flow, improving leverage metrics, a robust corporate governance framework, and an experienced and qualified Management team.

Speaking on the ratings, the Chief Executive Officer of MTN Nigeria, Mr. Karl Toriola said, “The rating result is a demonstration of the Company’s resilience, consistent performance, and focused leadership. We are happy to know That investors can objectively view MTN Nigeria as a creditworthy, high-value investment vehicle and Thus, continue to support the Company’s network expansion plans and strategic growth aspirations. The leadership of the Company is keen to sustain this momentum and accelerate growth in line with our Ambition 2025 Strategy.”

Uto Ukpanah, FCIS
Company Secretary

MTN Nigeria Communications Plc (

Share price: 201.00 NGN (0.00 | 0.00% – 10/08/22)

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