Moody’s acts on Nigerian corporates

Moody's Investors Service said it took rating actions on three Nigerian non-financial corporates.

Specifically, Moody's affirmed the B2 corporate family rating and changed the outlook to negative from stable on IHS Netherlands Holdco BV and Seplat Petroleum Development Co., and affirmed the B1 corporate family rating of Dangote Cement plc and changed the outlook to negative from stable.

Dangote’s national scale rating was downgraded to Aa2.ng from Aaa.ng to factor a weaker Nigeria rating.

The agency said the actions follow Moody's sovereign outlook change of Nigeria's ratings to negative from stable and affirmation of the B2 long-term foreign-currency and local-currency issuer ratings.

Moody's said it believes that the credit quality of these companies is inevitably tied to the economic and political developments in Nigeria, with earnings and cash flows generated in Nigeria.

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