MTN Nigeria boasts the highest domestic credit rating on a strong balance sheet

MTN Nigeria Communications Plc has received a major credit rating upgrade from Agusto & Co., with its long-term nationwide rating upgraded to Aaa, the highest possible rating, from Aa+, reinforcing the telecommunications giant’s strong financial position and market leadership.

The ratings agency also reaffirmed the company’s short-term rating at A1+ and maintained a stable outlook, according to a corporate disclosure filed with the Nigerian Exchange Limited and the investing public on Wednesday.

The latest update comes shortly after the Global Credit Rating Company (GCR) reaffirmed MTN Nigeria’s AAA (NG) long-term and A1+ (NG) short-term ratings, making the telecom operator one of the highest-rated corporate entities in the country by both major credit rating agencies.

The agency also noted that the company’s stronger-than-expected recovery in earnings and net worth, driven by tariff adjustments, increased data consumption and reduced exchange rate pressure following the redemption of its U.S. dollar-denominated bonds, played a key role in the decision.

The company said it is currently the only non-financial institution in Nigeria with an active Aaa rating from Agusto & Co.

Reacting to the development, MTN Nigeria Chief Executive Officer, Karl Toriola, described the upgrade as a reflection of the company’s financial resilience and disciplined management.