Rating Release
Agusto & Co. assigns a “Aa-” rating to Axxela Funding 1 PLC’s ₦16.4 billion Series 1 Ten-Year 21% Fixed Rate Bond Due 2034, with a stable outlook
The rating expires on 12 April 2026.
Agusto & Co. hereby assigns a “Aa-” rating to Axxela Funding 1 Plc’s (“the Issuer” or “SPV”) ₦16.4 billion 10-Year 21% Fixed Rate Bond Due 2034 (“Series 1”, “Bond” or “Issue”) under the ₦50 Billion Bond Multi-Instrument Issuance Programme. The rating reflects the standalone credit quality of Axxela Limited (“the Sponsor”), given that its operating cash flows has been pledged unconditionally and irrevocably toward meeting the Bond obligations. Axxela Limited is rated “Aa-” by Agusto & Co, highlighting its strong capacity to meet obligations, evidenced by its robust earnings, good operating cash flows and well-balanced capital structure.
Axxela Limited (along with its subsidiaries) is a pioneer private sector developer of natural gas infrastructure in Nigeria. With over 360 kilometres of developed pipeline infrastructure and a throughput capacity of 236 million standard cubic feet per day, Axxela operates across the full spectrum of the natural gas value chain, delivering energy solutions to more than 200 industrial and commercial customers. The Company is also a designated shipper on the West African Gas Pipeline (WAGP) and a member of the West African Power Pool (WAPP), reinforcing its strategic role in regional gas distribution and cross-border energy trade.
