GCR Ratings affirms Johnvents and upgrades Aradel Holdings

GCR Ratings has issued updated credit assessments for two Nigerian entities. GCR affirmed the national scale long-term and short-term issuer ratings for Johnvents Holding Company Limited at BBB+(NG) and A2(NG) respectively, maintaining a stable outlook.

Separately, GCR Ratings upgraded Aradel Holdings Plc’s national-scale long-term issuer rating from AA-(NG) to AA(NG), with a positive outlook. The upgrade follows the company’s acquisition of a majority equity interest in ND Western Limited, which significantly expanded its upstream operations.

Following the acquisition, Aradel’s producing fields increased from two in 2024 to 52 in 2025. The company reported a substantial rise in revenue, growing from $461 million in 2025 to $1.8 billion in the first half of 2026. GCR also upgraded the rating of Aradel’s ₦10.318 billion Series 1 Senior Unsecured Bonds to AA(NG).