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MTN Nigeria first mobile network in Africa to receive highest credit ratings by GCR

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MTN Nigeria

MTN Nigeria Communications Plc., has received the highest credit ratings by the Global Credit Ratings while the outlook is rated as stable.

GCR upgraded the national scale long-term issuer rating of MTN Nigeria to AAA and affirmed the national scale short-term rating of A1+, with a stable outlook.

In addition, GCR upgraded the national scale long-term rating of the recently concluded N110 billion Series 1 Senior Unsecured Bond to AAA with a stable outlook.

These represent the highest possible long-term and short-term ratings on GCR’s national rating scale, and MTN Nigeria is the first mobile network operator in Africa to be accorded such ratings by GCR.

According to GCR, “the ratings accorded to MTN Nigeria reflect its very strong competitive position as the leading provider of telecommunications services in Nigeria, as well as its strong earnings and cash flow which has supported a robust financial profile.”

Afcon qualifiers, MTN

Karl Toriola

Commenting on the rating, the Chief Executive Officer, MTN Nigeria, Karl Toriola, said, “We are delighted with the outcome of the GCR rating. This demonstrates the resilience of our business and positions MTN Nigeria as the benchmark of reference for the information and communications technology sector for long-dated, fixed-term instruments. As we continue to invest in our network and strengthen our risk management processes, we remain focused on sustaining and accelerating growth in line with our Ambition 2025 strategy.”

Source: GCR

Source: GCR

Rating rationale

According to GCR, the ratings accorded to MTN Nigeria reflect its very strong competitive position as the leading provider of telecommunication services in Nigeria, as well as its strong earnings and cash flow which has supported a robust financial profile.

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“MTN Nigeria’s competitive position is underpinned by its well-established brand, broad spectrum of licences, substantial infrastructural and network coverage, which allows to monetise excess capacity and share infrastructure with other domestic operators”, GCR said.

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