WED MAY 28 2025-theGBJournal| Global Credit Rating Limited (GCR) has affirmed the MTN Nigeria Communications Plc’s (MTN Nigeria) national scale rating long and short-term issuer ratings of AAA and A1+, respectively, MTNN confirmed on Wednesday.
GCR also affirmed the company’s national scale long-term issue ratings of AAA assigned to all outstanding series of MTN Nigeria’s senior unsecured bond issuances. The rating outlook has also been upgraded to stable from negative.
MTN Nigeria said in a statement that the affirmation of the triple A ratings and the Stable outlook reflects its return to profitability.
Recall that in February 2025, MTN Nigeria reported service revenue surge of 35.9% y/y to N3.33 trillion in its audited results for the year ended 31 December 2024 seen by theG&BJournal.
The growth was driven broadly by growth across voice (+14.5% y/y; 39.0% of revenue), data (+49.1% y/y; 47.8% of revenue), digital (+95.2% y/y; 2.2% of revenue), fintech (+23.2% y/y; 3.2% of revenue), and other services (+108.0% y/y; 7.8% of revenue) channels.
GCR also highlighted MTN Nigeria’s strengthened liquidity profile, bolstered by a sizeable cash balance and adequate coverage of near-term obligations.
”Despite the negative equity position highlighted by the agency, the ratings reflect confidence in the Company’s ability to meet its commitments, improved leverage metrics and a solid operating profile,” MTN Nigeria said in the statement signed by its company Secretary, Uto Ukpanah.
Karl Toriola, MTN Nigeria Chief Executive Officer said the company is encouraged by the affirmation of its ratings and the upgrade of its outlook to stable, which reflects the progress MTN Nigeria has made in strengthening its financial position and returning the business to profitability.
”Our improved earnings trajectory, driven by resilient demand for our services, positions us to achieve a positive equity position within the current financial year,” he adds.
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