Agusto & Co. assigns “Bbb+” rating and a positive outlook to Axxela Limited.
This rating expires 30 June 2020.
Agusto & Co. has upgraded the rating assigned to Axxela Limited (‘Axxela’ or ‘the Company’) to Bbb+. The rating reflects the Company’s acceptable profitability, adequate working capital, satisfactory cash flow, moderate leverage and stable as well as experienced management team. The rating takes into cognizance Axxela’s revenue diversification initiatives resulting in gas export to neighbouring West African countries. The rating also takes into cognisance the ownership of the Company – Helios Investment Partners – a private equity firm with over $3.6 billion funds under management.
Axxela Limited is a leading player in the gas marketing and distribution industry in Nigeria, on account of the development of its foremost natural gas distribution network in two major commercial cities in Nigeria (Lagos and Port-Harcourt) providing gas to top-tier industrial consumers. The Company has also commenced the export of natural gas to power companies in the neighbouring countries through the West African gas pipeline network in line with its strategic move to diversify its revenue sources.
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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.