GCR upgrades MTN credit ratings

Global Credit Ratings has upgraded the national scale long-term issuer rating of MTN Nigeria Communications Plc.

MTN Nigeria, in a statement on Tuesday by the Company Secretary, Uto Ukpanah, said, “In addition, GCR upgraded the national scale long-term rating of the recently concluded N110bn 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.”

Commenting on the rating, the Chief Executive Officer, MTN Nigeria, Karl Toriola, said, “We are delighted with the outcome of the GCR rating.”

He added that it demonstrated the resilience of the business and positions MTN Nigeria as the benchmark of reference for the information and communications technology sector for long-dated and fixed-term instruments.