Moody's assigns first-time Ba3 and Aaa.ng ratings to Dangote Cement

Moody’s has assigned a first-time Ba3 Local Currency Corporate Family Rating (CFR), Ba3-PD Probability of Default Rating and Aaa.ng National Scale Rating (NSR) to Dangote Cement Plc (DCP). The outlook on the ratings is stable.

"Dangote Cement Plc’s Ba3 local currency corporate family rating, one-notch above the Government of Nigeria’s own rating, reflects the company’s strong standalone credit profile and track record of demonstrated financial support from a larger and more diversified parent Dangote Industries Ltd," says Douglas Rowlings, assistant vice president and lead analyst for Dangote Cement at Moody’s.

Dangote Cement's CEO, Onne van der Weijde, commented: “Dangote Cement is a high-growth, low-debt, internationally-diversified company that has just paid a dividend amounting to nearly 75 per cent of 2016 net profits to shareholders.

“The publication of these credit ratings highlights the financial strength we have achieved through our unwavering focus on the profitable expansion of the business, underpinned by our belief that we must remain prudent in our financial management.”