GCR UPGRADES AXXELA’S CREDIT RATING ON STRONGER EARNINGS

Global Credit Ratings (GCR) has upgraded the credit rating of Axxela Limited, citing stronger earnings, improved operational efficiency, and a robust financial profile.

The rating agency announced the upgrade on Friday, moving Axxela’s long-term national scale rating to AA-(NG) from A+(NG), with a stable outlook. The upgrade reflects the company’s consistent revenue growth and effective cost management strategies.

Axxela’s Chief Executive Officer, Mr. Bolaji Osunsanya, welcomed the rating upgrade, describing it as a validation of the company’s strategic direction and commitment to excellence. “This upgrade is a testament to the hard work of our team and the confidence of our stakeholders. We will continue to deliver strong performance and create value for our investors,” Osunsanya stated.

Axxela has been expanding its operations in the gas and power sectors, with a focus on sustainable energy solutions and infrastructure development. The company has recorded significant growth in earnings and market share in recent years.

Analysts have praised Axxela for its resilience and adaptability in a challenging economic environment. The upgraded rating is expected to enhance the company’s access to capital and support its growth ambitions.

GCR noted that Axxela’s strong earnings performance, diversified revenue streams, and prudent financial management were key factors in the rating upgrade. The agency also commended the company’s governance practices and risk management framework.

The upgrade comes at a time when several Nigerian companies are seeking to strengthen their financial profiles and attract investment. Axxela’s performance is seen as a positive development for the Nigerian corporate sector and a reflection of the potential for growth in the energy and infrastructure industries.