LCredit rating agency, Agusto & Co., has upgraded the corporate rating of Axxela Limited from ‘A’ to ‘Aa-’ with a stable outlook.

In a statement on Tuesday, the company said the upgrade also applied to Axxela Funding 1 Plc’s N11.5bn and N16.4bn bond programmes.

Agusto said the decision reflected Axxela’s financial performance, moderate leverage, and efficient funding structures.

The agency also noted the company’s investments in natural gas infrastructure in Lagos, Sagamu, and Port Harcourt, as well as expansion plans across industrial hubs in Nigeria and the wider region.

In its report, Agusto reportedly highlighted Axxela’s prudent balance sheet management, with moderate leverage, healthy working capital, and efficient funding structures.

Speaking on the new rating, the Group Chief Executive Officer of Axxela, Timothy Ononiwu, said, “This recognition by Agusto & Co. is a strong endorsement of our strategy and execution. It reflects confidence in our financial discipline, infrastructure investments, and long-term vision. As we expand our footprint, we remain focused on building a resilient enterprise that drives industrial growth in Nigeria and continues to contribute to the region’s energy transition agenda.”

The company’s Head of Corporate Finance & Treasury Management, Yetunde Demuren, said the development highlights Axxela’s capital and treasury management.

She said, “In today’s challenging climate, this upgrade is a testament to our prudent capital management and robust treasury practices.

“The new ‘Aa-’ rating places Axxela amongst the highest-rated corporates in Nigeria’s energy sector. With a robust project pipeline, strong regional partnerships, and a restructured business model, Axxela is well-equipped to deliver sustainable growth and deepen its impact across West Africa’s energy landscape,” she said.