CR Affirms MTN Nigeria’s AAA And A1+ Ratings

MTN Nigeria Communications Plc has informed the Nigerian Exchange (NGX) and the public that Global Credit Rating Limited (GCR) has affirmed its issuer ratings for both long-term and short-term bond obligations.

The telecommunications giant did this through a disclosure published on the Nigerian Exchange (NGX) on May 28, 2025.

It said that GCR maintained MTN Nigeria Communications’ national scale long-term rating at AAA, and its short-term rating at A1+, a rating expected to buoy up public confidence and trust of telecoms subscriber concerning the MTN brand.

Additionally, GCR also maintained the AAA rating on all outstanding MTN senior unsecured bonds, while revising the outlook from Negative to Stable, reflecting renewed confidence in the company’s financial position.

“The affirmation of the AAA ratings and the stable outlook reflect the company’s return to profitability, supported by reduced foreign currency exposure, improved cash flow generation, and strong revenue growth driven by increasing demand for data and digital services”, MTN stated while reacting .

The rating emphasized MTN’s solid operational profile, improved financial metrics, and its ability to meet obligations as key factors supporting the affirmed ratings.

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Yet, it also highlight the company’s negative equity position, expected to make it firm up on lapses in that area.

“We are encouraged by the affirmation of our ratings and the upgrade of our outlook to stable, which reflect the progress we’ve made in strengthening our financial position”, said MTN Nigeria’s CEO, Karl Toriola.

Stating that the ratings and the outlook upgrade reflect the company’s progress, he added that the company has made significant strides in returning to profitability and enhancing its operational efficiency.

“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 said.

MTN Nigeria had last December raised about N42.20 billion, which though encouraging, was slightly below its target of N50 billion.