GCR Issues Highest AAAplus (NG) and A1plus (NG) Ratings to Dangote Cement


Wednesday, March 31, 2021 / 08:37 AM / by Dangote Cement Plc / Header Image Credit: Africa Outlook Magazine

Proshare Nigeria Pvt. Ltd.

Dangote Cement Plc (NSE: DANGCEM, 'DCP'), Africa's largest cement producer, announces the publication of the upgraded credit ratings from Global Credit Ratings.


Global Credit Ratings Announcement

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 N100bn Series 1 Fixed Rate Bond is the only corporate bond at AAA rating in Nigeria. AAA ratings are issued to investment-grade debt that has the highest level of creditworthiness with the strongest capacity to repay investors.


Michel Puchercos, Chief Executive Officer, said:

"We are delighted to be the first ever Nigerian corporate, and one of the very few in Africa, to receive the AAA issuer rating by Global Credit Ratings. Dangote Cement has been able to maintain its strong competitive position, despite the challenging and volatile environment in 2020 owing to the COVID-19 pandemic. The AAA rating, which is the highest rating issued by Global Credit Rating, affirms our resilient financial position and high creditworthiness. We continue to report strong cash generation and remain committed to maximising shareholder value creation.


This upgrade also supports Dangote Cement's continuous effort to champion the deployment of international best practices in term of shareholders and debtholders' engagement and information. For example, being the first Nigerian company listed on the Nigerian stock Exchange Premium Board to release a combined annual and sustainability report confirms to our stakeholders our ambition to maximize long-term value creation while embracing global standards.

Proshare Nigeria Pvt. Ltd.

Related News - Dangote Cement Plc

  1. Moody's Assigns Ratings to Dangote Cement Plc's DMTN Program and Proposed Series 1 Notes
  2. Dangote Cement FY2020 Results: A Revenue Trot and Bottom-line Gallop
  3. Dangote Cement Plc Contemplates Debt Funding Options Under Planned N300bn Bond Issuance Programme
  4. DANGCEM Declares N276bn PAT in 2020 Audited Results, Proposes N16.00K Final Dividend; (SP:N220.00K)
  5. Dangote Cement to Pay over N97bn in Corporate Tax for Financial Year 2020...
  6. DANGCEM Appoints Mr. Guillaume Moyen as Substantive Group Chief Financial Officer
  7. DANGCEM Approves 2020 Audited Results; Recommends Payment of Final Dividend
  8. DANGCEM Announces the Resignation of Mr. Arvind Pathak as a Director
  9. DANGCEM Postpones its Board Meeting to March 18, 2021
  10. NCM 2020: Extracts of Financials of Quoted companies - DANGCEM Tops on Revenue and PAT
  11. DANGCEM Releases its 2019 Sustainability Report
  12. DANGCEM Notifies of Dealing in 0.6m Volume of Shares by Vetiva Securities Ltd
  13. BUA, DANGCEM and the Politics of Border Economics
  14. DANGCEM Declares N209bn PAT in Q3 2020 Results, (SP:N174.50k)


Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

Related News