Sub-Saharan Africa’s gas & power portfolio company, Axxela Limited,has been assigned national scale issuer ratings of BBB+(NG) and A2(NG) in the long term and short term respectively by Global Credit Ratings (GCR) with the outlook accorded as Stable.
According to the Chief Executive Officer Axxela Limited, Bolaji Osunsanya said: “GCR’s rating of our company is a significant indicator of our improved performance, strategic initiatives, and overall impact of our operations in providing innovative energy solutions within key economic clusters across the region.
He further explained that,“As the partner of choice, we have a formidable stable of stakeholders positioned to actualise our projects, especially within the virtual pipeline, gas processing and distribution, and embedded power spaces.”
The ratings were a continued affirmation of Axxela’s position as it expands its operations within the West African natural gas market, whilst also operating the largest gas distribution infrastructure in Nigeria.
Also speaking on the rating, the Chief Financial Officer, Axxela Limited, Tim Ononiwu said: “The attainment of this rating for the second year running speaks volumes about our corporate reputation, fiscal credibility, profitability, and balance sheet optimisation, which are integral to our growth initiatives.
“We take immense pride in our corporate governance and fiscal responsibility, thus better positioning us to anticipate the needs of our client base and the larger market.”
The company noted in a statement that GCR credit ratings based on the key considerations including the several gas infrastructure developments, the firm is embarking on which are expected to be delivered in the short-medium term.
“Axxela has reported strong revenue growth, supported by rising volumes, higher selling prices and an expanded clientele base.
“Axxela’s position is also strengthened by strategic partnerships, long term distribution arrangements, and strong relationship with technical partners,” it said.
In a related development, Axxela recently received an upgraded corporate credit rating from “Bbb” to “Bbb+” with a Positive Outlook by Agusto & Co., one of Nigeria’s foremost rating agencies.
Notably, Axxela is a Helios Investment Partners LLP portfolio company, and a designated natural gas shipper on the West African Gas Pipeline (WAGP).