Moody’s affiliate, GCR Ratings Upgrades Dangote Industries to Highest Credit Rating

GCR Ratings, an affiliate of Moody’s Ratings, has upgraded Dangote Industries Limited by four notches to the highest possible national credit ratings of AAA(NG) and A1+(NG) for its long-term and short-term issuer ratings, respectively.
Dangote Group made this disclosure in a statement on Friday.
The ratings, which were upgraded from A+(NG) and A1(NG), respectively, come with a Stable Outlook.
GCR also upgraded the national-scale long-term issue ratings of Dangote Industries Funding Plc’s Series 1 Tranche A and Tranche B Bonds, as well as its Series 2 Bond, to AAA(NG) from A+(NG).
The new ratings represent the highest possible long-term and short-term ratings on GCR’s national rati...