Rating Release
Agusto & Co. hereby affirms the “A-“ rating assigned to Axxela Limited with a stable outlook
The rating expires on 30 June 2024.
Agusto & Co. hereby affirms the “A-“ rating assigned to Axxela Limited (‘Axxela’ or ‘the Company’). The rating reflects the Company’s good financial condition upheld by i) good and sustained profitability metrics bolstered by the strategy to diversify revenue sources by geography and increase the throughput of natural gas to unserved industrial customers, ii) satisfactory leverage profile elicited by good funding mix boosted by the introduction of long term concessionary loans, iii) adequate working capital supported by favourable terms of trade with gas suppliers and industrial customers on the back of long term take or pay gas contracts, iv) stable and experienced management team and v) strong shareholders’ support from Helios Investment Partners and Sojitz Corporation at the holding company level. However, the Company’s performance continues to be tempered by protracted gas supply constraints as well as ongoing macroeconomic headwinds on business operations.
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.
