Moody’s affiliate, GCR Ratings Upgrades Dangote Industries to Highest Credit Rating

GCR Ratings, an affiliate of Moody’s Ratings, has upgraded Dangote Industries Limited by 4 notches to the highest imaginable nationalist recognition ratings of AAA(NG) and A1+(NG) for its semipermanent and short-term issuer ratings, respectively.

Dangote Group made this disclosure successful a connection on Friday.

The ratings, which were upgraded from A+(NG) and A1(NG), respectively, travel with a Stable Outlook.

GCR besides upgraded the national-scale semipermanent contented ratings of Dangote Industries Funding Plc’s Series 1 Tranche A and Tranche B Bonds, arsenic good arsenic its Series 2 Bond, to AAA(NG) from A+(NG).

The caller ratings correspond the highest imaginable semipermanent and short-term ratings connected GCR’s nationalist standing scale.

According to GCR, the upgrade was driven by robust currency flows pursuing the palmy ramp-up of the Dangote Petroleum Refinery to afloat capacity, beardown net from the Group’s different businesses, indebtedness repayment and refinancing, improved leverage and liquidity, arsenic good arsenic enhancements successful hazard management, treasury operations and fiscal reporting practices.

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