Agusto & Co. has upgraded MTN Nigeria’s long-term national scale rating to Aaa, from Aa+, while affirming its short-term rating at A1+ with a stable outlook.
The Pan-African credit rating agency cited the telecommunications company’s stronger earnings, robust cash generation, improved liquidity and lower debt profile.
The rating, disclosed by MTN Nigeria to the Nigerian Exchange Limited, follows a similar affirmation by Global Credit Rating, which recently maintained the company’s AAA long-term and A1+ short-term ratings.
MTN Nigeria is now the only non-financial institution with an active Aaa rating from Agusto & Co.
According to Agusto, the upgrade reflects a stronger-than-expected recovery in earnings and shareholders’ equity, supported by tariff adjustments, rising data consumption and lower foreign exchange pressure following the full repayment of the company’s US dollar-denominated obligations.
Commenting on the upgrade, MTN Nigeria chief executive officer, Karl Toriola, said the rating validates the company’s disciplined balance sheet management, resilient business model and strong operating performance, adding that it remains committed to delivering long-term value to shareholders.
MTN Nigeria’s financial performance supported the upgrade, with operating cash flow increasing by 154.6 per cent to ₦2.21 trillion (about $1.38 billion) in 2025. Shareholders’ equity rose by 64.7 per cent to ₦903.94 billion (about $565 million), while borrowings declined following significant debt repayments.
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