GCR affirms MTN Nigeria’s AAA and A1+ ratings, discloses overall outlook for issuances 

In a disclosure published on the Nigerian Exchange (NGX) on May 28, 2025, it was confirmed that GCR maintained MTN’s national scale long-term rating at AAA, and its short-term rating at A1+.

Additionally, GCR also maintained the AAA rating on all outstanding MTN senior unsecured bonds, while revising the outlook from Negative to Stable, reflecting renewed confidence in the company’s financial position.

MTN attributed this positive outcome to its successful turnaround, stating:

“The affirmation of the AAA ratings and the stable outlook reflect the company’s return to profitability, supported by reduced foreign currency exposure, improved cash flow generation, and strong revenue growth driven by increasing demand for data and digital services.” 

While GCR did highlight the company’s negative equity position, it emphasized MTN’s solid operational profile, improved financial metrics, and its ability to meet obligations as key factors supporting the affirmed ratings.

Speaking on the affirmations by GCR, MTN Nigeria’s CEO, Karl Toriola, stated that the ratings and the outlook upgrade reflect the company’s progress:

“We are encouraged by the affirmation of our ratings and the upgrade of our outlook to stable, which reflect the progress we’ve made in strengthening our financial position.” 

He also noted that the company has made significant strides in returning to profitability and enhancing its operational efficiency.

Addressing the company’s equity position, Toriola added:

“Our improved earnings trajectory, driven by resilient demand for our services, positions us to achieve a positive equity position within the current financial year.” 

GCR’s affirmation comes after a series of issuances that intensified in Q4 2024, that likely contributed to MTN’s improved performance in the first quarter.

MTN Nigeria raised funds through its N250 billion Commercial Paper Issuance Programme, aimed at supporting its operational and business needs.

This follows several issuances in prior months that indicate continued interest in the future.

While the initial target was N50 billion, investor demand resulted in an oversubscription of 144%, raising N72.18 billion.

These issuances, along with demand for MTN’s services and adjustments to tariff structures for data and voice bundles, likely played a role in the company’s improved financial performance in Q1 2025.

These issuances, along with demand for MTN’s services and adjustments to tariff structures for data and voice bundles, likely played a role in the company’s improved financial performance in Q1 2025.

Commenting on the results, CEO Karl Toriola said:

“This growth was supported by our disciplined approach to gross connections and churn management, as well as continuous innovation in customer value propositions.”