MTN Nigeria has secured Global Credit Ratings (GCR’s) highest possible short- and long-term ratings on GCR’s national rating scale, becoming the first mobile network operator in Africa to be accorded such ratings by GCR.
GCR upgraded MTN Nigeria’s national scale long-term issuer rating to AAA and affirmed the national scale short-term rating of A1+, with a stable outlook.
Further, 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.
The ratings reflect MTN Nigeria’s strong competitive position in the telecommunications services sector in Nigeria, as well as its strong earnings and cash flow, which has supported a robust financial profile.
“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,” concluded MTN Nigeria CEO Karl Toriola.