LAGOS, July 3 – Agusto & Co. has upgraded MTN Nigeria Communications Plc’s long term national rating to Aaa from Aa+, while affirming its short term rating at A1+ with a stable outlook.
The upgrade was disclosed by the company in a filing to the Nigerian Exchange on July 1 and comes shortly after Global Credit Rating Company also affirmed MTN Nigeria’s highest long term and short term ratings.
According to Agusto, the higher rating reflects MTN Nigeria’s stronger earnings, solid cash flow, improved liquidity, lower debt profile and continued leadership in the country’s telecommunications sector. The agency also pointed to higher data usage, tariff adjustments and reduced foreign exchange pressure after the company fully repaid its US dollar obligations.
MTN Nigeria said it is now the only non financial institution with an active Aaa rating from Agusto. Chief Executive Officer Karl Toriola said the upgrade reflects the company’s strong earnings recovery and disciplined balance sheet management, adding that it remains focused on delivering long term value to shareholders.
The company’s recent financial performance supports the rating action as net cash generated from operating activities rose to ₦2.21 trillion in 2025 from ₦868.9 billion a year earlier, while first quarter 2026 operating cash flow increased to ₦764.1 billion.
MTN Nigeria also continued to reduce its debt burden. Borrowings fell to ₦314.97 billion at the end of March 2026 from ₦419.57 billion three months earlier, while shareholders’ equity climbed 64.7% to ₦903.94 billion.
The rating upgrade comes even as the company’s shares came under pressure in June. MTN Nigeria ended the first half of the year at ₦720 per share, down from its May peak of ₦820, following a broader market selloff. Despite the decline, the company remains Nigeria’s third most valuable listed firm with a market capitalisation of ₦15.1 trillion.
