Axxela Limited, a company with dual-listing of debt securities on the Nigerian Stock Exchange (NSE) and the FMDQ markets has attracted favourable national scale issuer ratings of BBB+(NG) and A2(NG) in the long term and short term by Global Credit Ratings, GCR.

The GCR report obtained by The Daily, https://thedaily-ng.com, stated: “Axxela’s ratings reflect its leading position within the Nigerian natural gas distribution market, supported by long term distribution franchises in Lagos and Port Harcourt. Other key strengths that have underpinned the stability of earnings and cash flows include long-term agreements with suppliers and customers, as well as a shipper license on the West African Gas Pipeline which enables Axxela to supply gas to other West African countries.

“Axxela evidenced resilient performance in the third quarter, Q3, and full year, FY20, despite the COVID-19 disruptions, and reported strong revenue growth over the review period underpinned by a larger client base, rising volumes, and firmer selling prices.”

However, commenting on the rating renewal, Bolaji Osunsanya, Axxela’s Chief Executive Officer, said: “Given the global headwinds faced by many sectors due to the pandemic, the company’s rating profile reaffirms our healthy financial status, competitive position, and the application of Environmental, Social, and Governance (ESG) standards across our sustainable business model. As an industry leader, Axxela will continue to spur wider industrialization to develop communities and maximize shareholder value.”

Similarly, Timothy Ononiwu, Axxela’s Chief Financial Officer, said: “We appreciate the continued recognition of our enterprise by the financial community and the positive credit ratings further enhance Axxela’s anticipated portfolio diversification initiatives. Confidence in our company’s future increases the certainty of access to capital markets, which are critical to our continued growth and midterm regional expansion strategy.”