Two global rating agencies-Moody’s Investors Service and Global Credit Ratings (GCR), have rated Dangote Cement high for its financial strength and corporate outlook. In Rating reports published yesterday, both global rating agencies described the outlook of the Africa’s largest cement producer as stable.
Moody’s assigned three respective high ratings to the cement company including a first time Ba3 Local Currency Corporate Family Rating (CFR), Ba3-PD Probability of Default Rating and Aaa.ng National Scale Rating (NSR). Global Credit Ratings assigned long-term and short-term national scale issuer ratings of AA+ (NG) and A1+ (NG) respectively to Dangote Cement.
Dangote Cement’s share price rose by N1.93 per share to close at N203.94 as the news filtered to the Nigerian Stock Exchange (NSE).
Assistant Vice President and Lead Analyst for Dangote Cement at Moody’s, Douglas Rowlings, said the ratings reflect Dangote Cement’s “strong standalone credit profile and track record of demonstrated financial support from a larger and more diversified parent Dangote Industries Limited”.
Chief Executive Officer, Dangote Cement Plc, Onne van der Weijde noted that the ratings highlight the financial strength the company had achieved through unwavering focus on the profitable expansion of its business.
