Agusto Ratings has upgraded MTN Nigeria’s corporate rating to Aaa with a stable outlook, a move that underscores the telecom giant’s resilience despite a turbulent macroeconomic backdrop.
The upgrade comes as the Nigerian Exchange (NGX) opened July trading with N2.39 trillion in losses, driven by widespread profit-taking among heavyweight stocks.
3 trillion in market capitalization, Agusto’s decision signals confidence in the company’s ability to navigate the ongoing correction.
The rating action highlights a divergence between MTN Nigeria’s fundamental strength and the broader market sentiment.
While the NGX suffered its largest monthly decline in history during June, shedding N13.3 trillion in market capitalization, Agusto’s decision signals confidence in the company’s ability to navigate the ongoing correction.
The stable outlook suggests that Agusto expects MTN Nigeria to maintain its financial discipline and operational performance in the near term.
The historic drawdown in June reflects deeper structural challenges in the Nigerian market, including currency volatility and inflationary pressures.