Axxela Limited, one of sub-Saharan Africa’s leading gas and power solutions companies, has received a fresh vote of confidence from rating agency GCR, which upgraded its national scale issuer ratings and bond programmes on the back of strong financial performance and improved leverage metrics.
GCR Ratings raised Axxela’s national scale long-term issuer rating to A(NG) from A-(NG), while its short-term issuer rating was upgraded to A1(NG) from A2(NG). In a concurrent move, the agency also lifted ratings on Axxela Funding 1 Plc’s bond programmes. The ₦16.4 billion Series 1 senior unsecured bond was upgraded to A(NG) from A-(NG), while the ₦11.5 billion Series 1 senior secured bond was raised to A(NG)(EL) from A-(NG)(EL). All outlooks remain positive.
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According to GCR, the upgrades reflect Axxela’s above-budget earnings performance, stronger free cash flows, and significant improvement in leverage metrics. The agency highlighted the company’s sustained earnings growth, which peaked in 2024, supported by favourable currency translation, tighter cost controls, and scale efficiencies.
Timothy Ononiwu, group chief executive officer of Axxela, said: “This rating reaffirms our sound strategy, operational resilience, prudent financial management, and execution excellence. Buoyed by this upgrade, we are even more determined to scale our infrastructure footprint, deepen partnerships, deliver cleaner energy solutions that power Nigeria’s industries and communities, and extend such to the West African region.”
The latest GCR upgrade follows a similar move earlier this year by Agusto & Co., which raised Axxela’s corporate credit rating from ‘A’ to ‘Aa-’ with a stable outlook.
Over the past five years, Axxela has demonstrated financial discipline, strategic execution, and a diversified customer base across multiple sectors. The company continues to consolidate its position as a key private sector provider of gas and energy solutions in Nigeria and West Africa, leveraging its infrastructure to support industrial growth and energy transition efforts.
