MTN Nigeria received an upgrade to its long-term credit rating, with Agusto & Co. raising it from Aa+ to Aaa the highest on its national scale.
The short-term rating remains at A1+ with a stable outlook.
This boost, announced on June 26, 2026, and posted on NGX follows GCR affirming MTN Nigeria’s AAA(NG) and A1+(NG) ratings
. MTN now holds the top rating from both agencies, making it the only non-financial firm with an active Aaa from Agusto.
The upgrade was driven by strong earnings recovery, driven by tariff increases, higher data use, and easing forex pressures after settling dollar obligations.
Factors like robust cash flow, liquidity, low leverage, and sector dominance supported the upgrade.
MTN Nigeria’s CEO, Karl Toriola, said the rating reflects earnings recovery and disciplined management, emphasizing business resilience.
The announcement was signed by Uto Ukpanah, the Company Secretary.
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