...Company’s strong operating performance, portfolio diversification into West Africa and sustainable operating cashflow cited as reasons for the upgrade.
Following its periodic review, the rating agency upgraded
Axxela’s corporate rating and the Axxela Funding 1 Plc Series 1 Bond issuer
rating from their “Bbb+” ratings to “A-” ratings.
The upgrades reflect the consistent improvement in Axxela’s
profitability, bolstered by ongoing regional diversification of gas
distribution to clients in West Africa as well as satisfactory demonstration of
business sustainability, amidst global headwinds.
Commenting on this achievement, Mr. Timothy Ononiwu,
Axxela’s chief financial officer, said: “We appreciate Agusto & Co.’s
recognition of Axxela’s strong financial and operating performance. The
resulting upgrade reflects the resiliency of our business model. We remain
focused on our commitment to delivering value to all our stakeholders and are
well positioned to achieve our medium-term growth and expansion strategy.’’
The corporate and issuer ratings are valid until June 2022
and May 2022, respectively.
Axxela Limited is a Helios Investment Partners LLP portfolio
company and a 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 a peak 80 million
standard cubic feet per day to over 170 industrial and commercial customers via
a vast network of gas infrastructure.
With over 300km 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.
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