Dangote Cement Plc, Africa’s largest cement producer, has announced the publication of the upgraded credit ratings from Global Credit Ratings. Global Credit Ratings has upgraded the long term issuer rating of Dangote Cement to AAA (NG) and affirmed the short term issuer rating of A1+(NG), with outlook accorded as Stable.
In addition, GCR has upgraded the long term Issue rating of AAA (NG) accorded to Dangote Cement’s existing N100bn Series 1 Fixed Rate Bond, and assigned an indicative rating of AAA (NG) to its proposed Up to N300bn Series 1 (Tranche A – C) Bond. According to GCR, the ratings upgrade is underpinned by Dangote Cement’s strong competitive position as Africa’s leading integrated cement manufacturer, evidenced by very strong earnings, robust cash flows and moderate gearing metrics.
The Issuer ratings and the existing bond rating will expire in November 2021, while the proposed Series 1 (Tranche A – C) Bond rating is valid until May 2021. Dangote Cement’s existing N100 billion Series 1 Fixed Rate Bond is the only corporate bond at AAA rating in Nigeria. AAA ratings are issued to investmentgrade debt that has the highest level of creditworthiness with the strongest capacity to repay investors. The full rating can be viewed on Global Credit Ratings’ website: Dangote Cement GCR Rating