Agusto & Co. upgraded MTN Nigeria Communications Plc’s national long-term rating to ‘Aaa’ from ‘Aa+’ with a stable outlook. This represents the highest possible credit rating assigned by the agency.
The upgrade follows a recent ‘AAA(NG)’ rating affirmation from Global Credit Rating Company. MTN Nigeria is currently the only non-financial company in Nigeria to hold an active ‘Aaa’ rating from Agusto.
Operating cash flow surged by 154.6% in 2025. This growth continued into the first quarter of 2026 with a 73.3% increase.
Agusto & Co. attributed the upgrade to stronger earnings and reduced leverage. The company’s financial position was further bolstered by lower borrowings and a significant increase in shareholders’ equity.