Rating Release

Agusto & Co. hereby affirms the “Aa+” rating assigned to MTN Nigeria Communications PLC’s (“MTN Nigeria”, the “Issuer” or “the Company”) ₦89.99 Billion 10-Year 12.75% Fixed Rate Senior Unsecured Series II Bond Due 2031 (“Series II Bond”, “the Issue” or “the Bond”) 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”) ₦89.99 Billion 10-Year 12.75% Fixed Rate Senior Unsecured Series II Bond Due 2031 (“Series II Bond”, “the Issue” or “the Bond”) under its ₦200 Billion Bond Issuance Programme. The Issue rating mirrors the credit quality of MTN Nigeria Communications PLC, rated “Aa+” by Agusto & Co and expiring 30 June 2026, as its operating cash flows have been pledged as the sole source of repaying the Bond obligations (coupon and principal). MTN Nigeria Communications PLC’s rating reflects the complete recovery in its overall profitability and shareholders funds as at Q3’2025, mainly supported by the recent 50% tariff increase on telecom services. The Company’s rating also considers its sturdy cash flow and liquidity profiles, upheld by its favourable trade terms with customers and suppliers, adequate working capital, low leverage metrics and strong interest coverage ratio. MTN Nigeria’s rating also considers its leading position in the domestic telcoms space, sustained investments in its network infrastructure, rising broadband penetration, a broad range of spectrum licenses supporting its ongoing 4G/5G expansion initiatives and a stable, qualified and experienced management team. Notwithstanding, the rating is constrained by MTN Nigeria’s exposure to ongoing macroeconomic challenges and declining consumer purchasing power amid heightened inflationary pressures, which pose downside risks to its earnings growth prospects over the short to medium term.