Foremost ratings and research agencies, Agusto & Co and Global Credit Rating Co, have affirmed Forte Oil Plc’s investment grade rating, The Punch reports.

In addition, both agencies stated that the long-term outlook for the oil and gas company remained stable. A statement on Sunday said that the credit ratings were accorded Forte Oil Plc based on its top-tier position in the Nigerian downstream sector, underpinned by a strong and visible brand, significant assets across the energy value chain, and stable management team.

The Group Chief Executive Officer, Forte Oil, Mr. Akin Akinfemiwa said, “This is an affirmation of trust in the company. It further reinstates that the company is on a solid financial footing and is navigating the difficult business environment within the country today through prudent management and presence in strategic parts of the energy value chain.”