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Agusto & Co. assigns “Aa+” rating to MTN Nigeria Communications Plc. This rating expires 30 June 2020.

RATINGS RELEASE

Agusto & Co. assigns “Aa+” rating to MTN Nigeria Communications Plc.

This rating expires 30 June 2020.

The rating assigned to MTN Nigeria Communications Plc. (“MTN Nigeria”, “MTN” or “the Company”) is hinged on the Company’s very strong financial condition which is characterised by very good profitability, strong cash flow, low leverage and experienced and stable management team.

The rating takes into cognisance MTN’s market leadership, its extensive network coverage and growing voice subscribers as well as active data users. However, we note that MTN Nigeria is prone to regulatory interference which has led to volatility in its profitability in recent years.

MTN Nigeria is a member of the MTN Group – Africa’s leading cellular telecommunications company with strong presence in 21 countries and over 237 million subscribers. MTN Nigeria Communications Plc. is the largest mobile operator in Nigeria, with over 60 million subscribers and 20.3 million active data users, controlling about 42% of the Nigerian telecommunications industry’s subscribers.In May 2019, MTN became a public limited liability company following its listing by introduction of 20,354,513,050 ordinary shares of ₦0.02 each on the Nigerian Stock Exchange to comply with regulatory requirements.

The opinions expressed in this rating release do not represent investment or other advice and should therefore not be construed as such. Visit www.agusto.com for further information.

This rating release is transmitted to you for the sole purpose of dissemination through your newspaper/magazine/agency. The rating release may be used by you in full or in part without changing the meaning or context thereof but with due credit given to Agusto & Co.

This Rating Release is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating release may be used by you in full or in part without changing the meaning or context thereof but with due credit to Agusto & Co.