Moody’s downgrades Dangote Cement

Moody's Investors Service, said it downgraded Dangote Cement plc's (DCP) corporate family rating to B1 from Ba3 and probability of default rating to B1-PD from Ba3-PD.

The national scale rating remains at Aaa.ng.

The outlook is stable.

The downgrade follows the downgrade of the Government of Nigeria's rating to B2 from B1.

"We have downgraded Dangote Cement because it is not totally immune from Nigeria's continuing economic challenges which the country's government has been slow in responding to," Douglas Rowlings, Moody’s vice president, senior analyst and lead analyst for Dangote, said in a news release.

"But Dangote Cement's rating is one notch above the Nigerian sovereign's to reflect its resilient and strong credit profile and management's continuing success in navigating Nigeria's tough operating environment."

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