Moody's stabilizes view on three Nigerian issuers

Moody's Investors Service said it affirmed the ratings of three Nigerian non-financial corporates and changed the outlook to stable from negative. The companies are Dangote Cement plc, IHS Holding Ltd. and Seplat Energy plc.

“Today's rating actions follow Moody's sovereign outlook change of the government of Nigeria's ratings on Nov. 29 to stable from negative and affirmation of the B2 long-term foreign-currency issuer ratings. Nigeria's Ba3 local-currency and B2 foreign-currency ceilings remain unchanged,” Moody’s said in a press release.

The agency noted the companies produce a material portion of their earnings and cash flows in Nigeria and are exposed to its political, legal, fiscal and regulatory environment.

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