June 16, 2025 — Moody’s Ratings (Moody’s)

Upgraded Dangote Cement Plc’s (Dangote Cement) long-term corporate family rating (CFR) to B3 from Caa1, probability of default rating to B3-PD from Caa1-PD and long-term national scale CFR to A3.ng from Baa3.ng

Upgraded Senior unsecured ratings of Dangote Cement’s two NGN300 billion senior unsecured domestic medium-term note programs (DMTN) to (P)B3 from (P)Caa1 and the senior unsecured medium-term note program (MTN) national scale ratings (NSRs) to A3.ng from Baa3.ng.

Upgraded the senior unsecured ratings of the notes issued by Dangote Cement to B3 from Caa1 and the senior unsecured NSR ratings to A3.ng from Baa3.ng. The outlook was changed to stable from positive.

On 10 December 2025, Global Credit ratings,

Long-term  and short-term Issuer rating retained at AA+ (NG) and A1+(NG), respectively with a negative outlook

Long-term Issue rating of AA+ (NG) accorded to DCPs existing Bonds, with a negative outlook.

On 28 January 2025, Global Credit ratings,

• Long-term Issuer rating affirmed at AA+ (NG), with a stable outlook, while the short-term issuer rating at A1+(NG) was with a stable outlook
• Long-term Issue rating of AA+ (NG) accorded to DCPs existing Bond issues and DCPs new N38.2bn Series 1 Bond, with the outlook accorded stable. 

December 2024, Moody’s

•  (P)B3 local currency rating and Baa3.ng national scale rating (NSR) to the NGN300 billion domestic medium-term programme issued by DCP.
• Caa1 long term corporate family rating (CFR). The rating outlook was upgraded to positive from stable, similar to that of the sovereign.

February 2023, Moody’s

• (P)B3 local currency rating and Baa3.ng national scale rating (NSR) to the NGN300 billion domestic medium-term programme issued by DCP.
• Caa1 long term corporate family rating (CFR). The rating outlook is stable, similar to that of the sovereign.

29 December 2022, Global Credit Ratings 

• long-term Issuer rating affirmed at AA+ (NG), with a stable outlook, while the short-term issuer rating at A1+(NG) was with a negative outlook
• long-term Issue rating of AA+ (NG) accorded to DCPs existing Bond issues and DCPs new N116bn Series 2 Bond, with the outlook accorded stable.

29th April 2022, Global Credit Ratings

• Long-term Issuer rating to AA+ (NG) and affirmed the short-term issuer rating of A1+(NG), with outlook as Stable 
• Long-term Issue rating of AA+ (NG) accorded to DCPs existing Bond issues and DCPSs new N116bn Series 2 Bond, with the outlook accorded stable. 

2nd December2021, Moody’s

• Affirmed the (P)B2 local currency rating and Aa3.ng national scale rating (NSR) to the NGN300 billion domestic medium-term programme issued by DCP.

• Affirmed a B2 long term corporate family rating (CFR). The rating outlook is stable similar to that of the sovereign.