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    MTN Nigeria gets GCR’s AAA credit rating

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    Naija247newshttps://www.naija247news.com/
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    By Itohan Abara-Laserian
    Lagos, June 23, 2021 The Global Credit Rating (GCR) has upgraded the national scale long-term issuer rating of MTN Nigeria Communications Plc to AAA.

    This is contained in a notice posted on the website of the Nigerian Exchange (NGX) Ltd., signed by Mr Uto Ukpana, the Company Secretary of MTN on Wednesday in Lagos.

    The notice also said that GCR confirmed the MTN’s National scale short-term rating of A1+ with a stable outlook, which is considered the highest possible long-term and short-term ratings on GCR’s national ratings scale.

    MTN Nigeria is first to receive such ratings in Africa as a mobile network provider.

    Mr Karl Toriola, Chief Executive Officer of MTN Nigeria while reacting to the ratings, said: “We are delighted with the outcome of the GCR rating.

    “This demonstrated the resilience of our business and position MTN Nigeria as the benchmark of reference for the information and communication technology sector for long-dated, fixed-term instruments.

    “As we continue to work in our network and strengthen our risk management processes, we remain focused on sustaining and accelerating growth in line with our Ambition 2035 Strategy.”

    Toriola also said that the 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.

    Also, GCR said: “The ratings accorded to MTN Nigeria reflects 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”.

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