GCR upgrades MTN Nigeria ratings outlook to stable

MTN Nigeria Communications Plc has seen its rating outlook upgraded to stable by the Global Credit Rating Limited (GCR). This implies that both long-term and short-term bond obligations have ratings of AAA and A1+ as disclosed in a public disclosure published on the Nigerian Exchange (NGX) on May 28, 2025.

“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 in the disclosure signed by Uto Ukpanah, company secretary.

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.

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GCR also highlighted MTN Nigeria’s strengthened liquidity profile, bolstered by a sizeable cash balance and adequate coverage of near-term obligations.

MTN noted that the affirmation of the triple-A ratings and the Stable outlook reflects its return to profitability.

“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,” it said.

Karl Toriola, MTN Nigeria Chief Executive Officer, added, “Our improved earnings trajectory, driven by resilient demand for our services, positions us to achieve a positive equity position within the current financial year.”