Rating Release
Agusto & Co. hereby affirms the “Aa+” rating assigned to MTN Nigeria Communications PLC’s (“MTN Nigeria”, the “Issuer” or “the Company”) ₦10,085,600,000 4-Year 13.5% Senior Unsecured Fixed Rate Series 1 Bonds Due 2026 (Tranche A) and ₦104,914,400,000 10-Year 14.5% Senior Unsecured Fixed Rate Series 1 Bonds Due 2032 (Tranche B) under its ₦200 Billion Bond Issuance Programme.
The rating expires on 30 September 2026.
Agusto & Co. hereby affirms the “Aa+” rating assigned to MTN Nigeria Communications PLC’s (“MTN Nigeria”, the “Issuer” or “the Company”) ₦10,085,600,000 4-Year 13.5% Senior Unsecured Fixed Rate Series 1 Bonds Due 2026 (Tranche A) and ₦104,914,400,000 10-Year 14.5% Senior Unsecured Fixed Rate Series 1 Bonds Due 2032 (Tranche B) under its ₦200 Billion Bond Issuance Programme. The assigned Issue rating mirrors the standalone rating of the Issuer, as the payment of the Series 1 Tranches A and B Bond obligations (coupon and principal) are fully backed by MTN Nigeria’s operating cash flow. The Issuer has an “Aa+” rating with Agusto & Co, with a stable outlook, which expires 30 June 2026. MTN Nigeria’s rating is supported by the improving industry fundamentals following the recent tariff adjustment, which should support full recovery in its bottom line and equity positions by the end of 2025. The Issuer’s rating is also supported by its extensive network coverage and sizeable active customer base of about 85 million subscribers as at 30 June 2025, robust cash flow and liquidity positions, underpinned by its favourable trade dynamics, and a moderate leverage position. Agusto & Co. also notes positively MTN’s leading market position, extensive spectrum licenses, growing footprint in the fintech and financial services industry and experienced management team. Notwithstanding, the rating is constrained by the Issuer’s exposure to ongoing macroeconomic challenges and declining consumer discretionary spending amid escalating inflation, which pose significant downside risks to its earnings growth prospects over the short to medium term.