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GCR upgrades MTN credit ratings The Punch
Global Credit Ratings has upgraded the national scale long-term issuer rating of MTN Nigeria Communications Plc.
MTN Nigeria, in a statement on Tuesday by the Company Secretary, Uto Ukpanah, said, “In addition, GCR upgraded the national scale long-term rating of the recently concluded N110bn Series 1 Senior Unsecured Bond to AAA with a stable outlook.
“These represent the highest possible long-term and short-term ratings on GCR’s national rating scale, and MTN Nigeria is the first mobile network operator in Africa to be accorded such ratings by GCR.”
Commenting on the rating, the Chief Executive Officer, MTN Nigeria, Karl Toriola, said, “We are delighted with the outcome of the GCR rating.”
Rising issuance of Commercial Papers (CPs) in Debt Capital Market (DCM) over regular equities financing has become a source of worry to capital market operators, as stakeholders fear that the trend.
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Dike Onwuamaeze
The Central Bank of Nigeria’s (CBN) restrictive monetary policy enabled corporate organisations to raise N1.02 trillion from the local currency debt market in 2020.
The figure borrowed in 2020 represented 52.4 per cent increase when compared to 2019 level of N669 billion.
The GCR Ratings Research latest report on Nigeria’s capital markets stated that issuance of corporate debt spiked as firms took advantage of the lowered monetary rates to either refinance expensive bilateral loans with banks or raise additional debts.
The report projected that the trend would continue in 2021, as more corporate debt issuance was expected over the year.
Among the companies that took advantage of the low valuation to raise funds, according to the GCR report, were the Emzor Pharmaceutical Industries Limited (EPIL), the MTN Nigeria Communications Plc and the Dangote Cement Plc.