GCR upgrades Axxela's national scale long-term issuer rating to A+(NG) with stable outlook

The rating action signals improved credit quality for the Nigerian financial services firm, potentially lowering future borrowing costs.

By Handelsavisen Newsroom · Automated 2026-07-20 09:11 UTC · 1 min read

GCR Ratings has upgraded Axxela's national scale long-term issuer rating to A+(NG), assigning a stable outlook to the company's debt obligations.

The decision reflects the agency's assessment of the firm's strengthened financial position and risk profile within the Nigerian market.

The upgrade to A+(NG) places Axxela in a higher credit tier, which typically translates to more favorable terms for future debt issuance.

Investors and lenders view the stable outlook as an indication that the company's creditworthiness is expected to remain consistent over the medium term, barring significant adverse changes in its operating environment or financial performance.

This move aligns with a broader trend of rating agencies reassessing Nigerian corporates as financial metrics improve.

GCR Ratings previously upgraded FCMB Asset Management Limited to A(NG) for long-term obligations, citing similar improvements in financial health.