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 four notches to the highest possible national credit ratings of AAA(NG) and A1+(NG) for its long-term and short-term issuer ratings, respectively. Dangote Group made this disclosure in a statement on Friday. The ratings, which were upgraded from A+(NG) and A1(NG), respectively, come with […] Moody’s…
Moody’s affiliate, GCR Ratings, has elevated Dangote Industries Limited to the highest possible credit rating of AAA(NG) for its long-term and A1+(NG) for its short-term ratings. This upgrade, from previous scores of A+(NG) and A1(NG), respectively, comes with a Stable Outlook. The ratings were announced by Dangote Group in a recent statement.
GCR noted that the upgrade was motivated by strong cash flows resulting from the Dangote Petroleum Refinery's successful operation at full capacity, robust earnings from other Group businesses, effective debt repayment and refinancing, enhanced leverage and liquidity, and improved risk management, treasury operations, and financial reporting.
The agency also highlighted that the Group's enhanced capital and leverage position was bolstered by these strong cash flows and sustained earnings. Dangote Industries stated that the upgrade reflects the Group's improved financial performance, stronger cash flows, and higher liquidity. Group CFO Murat Erden praised the ratings as an independent acknowledgment of the Group's financial transformation and disciplined growth approach.
He added that the ratings would bolster the Group's ability to expand its businesses, improve transparency for investors and creditors, diversify funding sources, and optimize liquidity management. Erden also emphasized that the achievement supports the Group's commitment to building prosperity for Africans through institutional-quality governance, financial transparency, disciplined capital allocation, and long-term value creation for shareholders.
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