Sunday, October 27, 2019 05:30PM /Press
Release by Axxela/ Header Image Credit: Axxela
Axxela Limited, one of Africa's fast-growing power and
gas companies, has been recently rated BBB+ Long-Term and A2 Short-Term by
Credit Rating Agency, GCR. According to a recent Press Release by Axxela the
Rating Agency considered the companies short and long-term outlook to be
stable.
Growing The Virtual and Embedded Power
Pipeline
Commenting on the rating, Axxela's
Chief Executive Officer, Bolaji Osunsanya remarked: "GCR's rating of our
company is a significant indicator of our improved performance, strategic
initiatives, and overall impact of our operations in providing innovative
energy solutions within key economic clusters across the region. As the partner
of choice, we have a formidable stable of stakeholders positioned to actualise
our projects, especially within the virtual pipeline, gas processing and
distribution, and embedded power spaces."
According to the Release the Rating
was a confirmation of the companies position as a leader in the oil and gas and
power businesses. Axxela's Chief Financial Officer, Tim Ononiwu noted that, "The
attainment of this rating for the second year running speaks volumes about our
corporate reputation, fiscal credibility, profitability, and balance sheet
optimisation, which are integral to our growth initiatives. We take immense
pride in our corporate governance and fiscal responsibility, thus better
positioning us to anticipate the needs of our client base and the larger market"
Ratings Rationale
GCR based its recent rating of the gas company on the following basis:
Related Fact
Axxela recently received an upgraded
corporate credit rating from "Bbb" to "Bbb+" with a Positive Outlook by Agusto
& Co., one of Nigeria's foremost rating agencies.
About Axxela
Axxela is a Helios Investment Partners
LLP portfolio company, and a designated natural gas shipper on the West African
Gas Pipeline (WAGP). Axxela is also the pioneering private sector-led developer
of natural gas distribution in Nigeria, delivering at peak 80 million standard
cubic feet per day to over 160 industrial and commercial customers via a vast
network of gas infrastructure. With over 280km in gas pipeline infrastructure
built, Axxela provides unique energy solutions primarily through its
subsidiaries: Gaslink Nigeria Limited, Gas Network Services Limited, and
Central Horizon Gas Company Limited.
Related News
2. Oando PLC Announces Divestment of its Residual 25%
Interest in Axxela Limited
3.
Axxela Now 100 Percent Owned by Helios
4.
Axxela Achieves Initial Issuer Rating of BBB (NG); Outlook
Stable
5.
Axxela Expands Gas Supply
Across West Africa
6.
Axxela Submits EIIJ Feasibility Study to NNPC
7.
Oando Gas & Power Rebrands as Axxela