Rating Release

Agusto & Co. hereby upgrades the rating assigned to MTN Nigeria Communication PLC’s ₦110,001,000,000 Seven-Year 13% Senior Unsecured Fixed Rate Series 1 Bond Due 2028 to “Aaa”, with a stable outlook 

The rating expires on 30 April 2027. 

Agusto & Co. hereby upgrades the rating assigned to MTN Nigeria Communication PLC’s (“MTN Nigeria”, “MTNN”, “the Issuer” or “the Company”) ₦110,001,000,000 Seven-Year 13% Senior Unsecured Fixed Rate Series 1 Bond Due 2028 (“Series 1 Bond”, “the Bond” or “the Issue”) under a ₦200 billion Bond Issuance Programme to “Aaa”. The assigned rating mirrors the standalone rating of MTN Nigeria, which was upgraded in June 2026. The assigned Issue rating mirrors the standalone rating of MTN Nigeria, which was upgraded in June 2026. The rating upgrade reflects the Issue’s exceptionally low credit risk, supported by MTN Nigeria’s strengthened earnings profile, solid and sustainable operating cash flow, sound liquidity, low leverage and enhanced financial flexibility following the full repayment of dollar-denominated borrowings. The rating is further supported by MTN Nigeria’s leading position in the domestic telecommunications market, large and growing subscriber base, extensive network infrastructure, broad spectrum portfolio and sustained investments in 4G, 5G, home broadband and digital infrastructure.