MTN NIGERIA ASSIGNED HIGHEST POSSSIBLE CREDIT RATINGS BY CGR, OUTLOOK STABLE

We are pleased to announce that Global Credit Ratings (GCR) has upgraded the national scale long-term issuer rating of MTN Nigeria Communications Plc (MTN Nigeria) to AAA and affirmed the national scale short-term rating of A1+, with a stable outlook. In addition, GCR upgraded the national scale long-term rating of the recently concluded N110 billion Series 1 Senior Unsecured Bond to AAA with a stable outlook.

These represent the highest possible long-term and short-term ratings on GCR’s national rating scale, and MTN Nigeria is the first mobile network operator in Africa to be accorded such ratings by GCR.

According to GCR, “the ratings accorded to MTN Nigeria reflect its very strong competitive position as the leading provider of telecommunications services in Nigeria, as well as its strong earnings and cash flow which has supported a robust financial profile.”

Commenting on the rating, Karl Toriola, Chief Executive Officer, MTN Nigeria, said, “We are delighted with the outcome of the GCR rating. This demonstrates the resilience of our business and positions MTN Nigeria as the benchmark of reference for the information and communications technology sector for long-dated, fixed-term instruments. As we continue to invest in our network and strengthen our risk management processes, we remain focused on sustaining and accelerating growth in line with our Ambition 2025 strategy.”

Uto Ukpanah

Company Secretary