August 24, 2022 (Lagos, Nigeria) — Axxela Limited (“Axxela”), one of the leading energy solutions providers in Sub-Saharan Africa, has announced the upward revision by Global Credit Ratings (GCR) of Axxela’s national scale long-term issuer rating of A- from Stable to a Positive Outlook.
The upward revision was also accorded to Axxela Funding 1 Plc’s N11.5bn Series 1 Senior Secured Fixed Rate Bonds.
According to the rating agency, the revision affirms Axxela’s strong earnings progression and robust cash flows facilitated by its strong competitive position.
Commenting on the achievement, Chief Financial Officer, Axxela, Timothy Ononiwu, said: “This affirmation and improved outlook recognises our consistent growth performance and strong balance sheet management. Over the years, we have continued to demonstrate leadership within our sector, with rapid expansion strategy domestically and into the African region despite the unstable operating environment”.
The rating revision emphasises that Axxela continues to garner scale through its expanding footprint and product offering, reinforcing its already strong competitive position in the Nigerian natural gas distribution market.
About Axxela
Axxela Limited (“Axxela”) is a pioneering private sector-led developer of natural gas; a company co-owned by Helios Investment Partners LLP and Sojitz Corporation. Axxela is a designated natural gas shipper on the West African Gas Pipeline (WAGP), and a member of the West African Power Pool (WAPP), delivering natural gas to about 200 industrial and commercial customers via a vast network of natural gas infrastructure.
With over 300km of natural 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.