Moody's trims three Nigerian corporates

Moody's Investors Service said it downgraded the ratings of three non-financial corporates that are domiciled in, or have substantial exposure to Nigeria and placed all ratings on review for downgrade.

“Today's rating actions follow the weakening of the Nigerian government's credit profile, as captured by Moody's recent decision to downgrade Nigeria's government bond ratings to B3 from B2 and place the ratings on review for downgrade,” the agency said in a press release.

The issuers downgraded to B3 from B2 are Dangote Cement plc, IHS Holding Ltd. and Seplat Energy plc.

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