MTN Nigeria Secures AAA Rating from GCR, Outlook Upgraded to Stable

MTN Nigeria Communications Plc has received an affirmation of its national scale long-term and short-term issuer ratings of AAA and A1+, respectively, from Global Credit Rating Co. Limited (GCR) with the rating outlook revised upward from Negative to Stable.

GCR also reaffirmed the AAA long-term issue ratings on all outstanding series of MTN Nigeria’s senior unsecured bond issuances, reinforcing the company’s strong credit profile and financial resilience.

According to the rating agency, the upgrade to a stable outlook reflects MTN Nigeria’s return to profitability, underpinned by reduced foreign exchange exposure, improved cash flow generation and sustained revenue growth from data and digital services.

The report further noted that the company’s liquidity position remains robust, supported by a sizeable cash reserve and adequate coverage of near-term obligations.

Despite reporting a negative equity position, GCR emphasized that the company continues to demonstrate improved leverage metrics and a strong operating profile, contributing to confidence in its ability to meet financial obligations.

Commenting on the development, Karl Toriola, Chief Executive Officer of MTN Nigeria, stated “We are encouraged by the affirmation of our ratings and the upgrade of our outlook to stable, which reflects the progress we have made in strengthening our financial position and returning the business to profitability. Our improved earnings trajectory, driven by resilient demand for our services, positions us to achieve a positive equity position within the current financial year.”

The rating boost comes amid MTN Nigeria’s ongoing strategic efforts to streamline operations, manage currency exposure, and deepen its footprint in Nigeria’s digital economy. With over 84 million subscribers, the company remains one of the largest telecom service providers in Africa and a key player in Nigeria’s mobile and data services sector.

MTN Nigeria is part of MTN Group, a multinational telecommunications operator active in 16 markets across Africa and the Middle East.