Lagos, 5th July 2017: 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.
The full rating can be viewed on Moody’s website:
Global Credit Ratings
Global 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.
The full rating can be viewed on Global Credit Ratings’ website:
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 through our unwavering focus on the profitable expansion of the business, underpinned by our belief that we must remain prudent in our financial management.”
About Dangote Cement
Dangote Cement Plc is Africa’s leading cement producer with nearly 46 million tonnes per annum (Mta) capacity across Africa. A fully integrated quarry-to-customer producer, we have a production capacity of 29.25Mta in our home market, Nigeria. Our Obajana plant in Kogi state, Nigeria, is the largest in Africa with 13.25Mta of capacity across four lines; our Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta and our Gboko plant in Benue state has 4Mta. Through our recent investments, Dangote Cement has eliminated Nigeria’s dependence on imported cement and has transformed the nation into a net exporter of cement, serving neighbouring countries.
In addition, we have invested almost $3B to build manufacturing plants and import/grinding terminals across Africa. Our operations are in Cameroon (1.5Mta clinker grinding), Congo (1.5Mta), Ghana (1.5Mta import), Ethiopia (2.5Mta), Senegal (1.5Mta), Sierra Leone (0.7Mta import), South Africa (2.7Mta), Tanzania (3.0Mta), Zambia (1.5Mta).
Head of Investor Relations
+44 207 399 3070