Thursday, July 06, 2017 12:25 PM /NSE
Dangote Cement Plc (NSE: DANGCEM, ‘DCP’), Africa’s largest cement producer, announces the publication of credit ratings from Moody’s and Global Credit Ratings.
Moody’s Investors Service
Moody’s Investors Service, (“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 Limited,” says Douglas Rowlings, Assistant Vice President and lead analyst for Dangote Cement at Moody’s.
Global Credit Ratings
Clobal Credit Ratings has assigned long term and short term national scale issuer ratings of AA+(NG) and A1+(NG) respectively, to Dangote Cement Plc, with the outlook accorded as Stable. The ratings expire in September 2017.
Onne van der Weijde, Chief Executive Officer, said:
“Dangote Cement is a high-growth, low-debt, internationally diversified company that has just paid a dividend amounting to nearly 75% of 2016 net profits to shareholders.
The publication of these credit ratings highlights the financial strength we have achieved though our unwavering focus on the profitable expansion of the business, underpinned by our belief that we must remain prudent in our financial management.
Dangote Cement's N144.8bn dividend delights shareholders
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