Axxela Receives GCR A+ Credit Upgrade for Gas Infrastructure Expansion
Axxela Limited has obtained a GCR Ratings upgrade to A+(NG), enhancing its access to capital for gas infrastructure projects. This upgrade is expected to bolster investor confidence and support the company's growth in Nigeria's natural gas sector.
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Axxela Limited's long-term issuer rating has been upgraded by GCR Ratings to A+(NG) from A(NG), with a stable outlook maintained for its short-term issuer rating at A1(NG). The upgrade applies to Axxela Funding 1 Plc's ₦16.4 billion Series 1 senior unsecured bond and ₦11.5 billion Series 1 senior secured bond, also upgraded to A+(NG)(EL).
This credit rating improvement is anticipated to enhance Axxela's funding capacity and investor confidence, facilitating the expansion of its natural gas infrastructure and service to about 200 customers across Nigeria. Axxela's operational strategy focuses on sustainable growth and operational excellence, positioning it as a key player in the regional energy sector and contributing to national energy security goals.
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