GCR Ratings, an affiliate of Moody's Ratings, has upgraded Dangote Industries Limited's long-term and short-term issuer ratings to AAA(NG) and A1+(NG), respectively. This upgrade, announced on September 26, 2026, represents a four-notch increase from the previous ratings of A+(NG) and A1(NG). The new ratings come with a Stable Outlook, indicating a positive financial trajectory for the company. According to GCR, the upgrade reflects Dangote Industries' robust cash flows, strong earnings, and improved leverage and liquidity.
The upgrade was driven by the successful ramp-up of the Dangote Petroleum Refinery to full capacity, resulting in robust cash flows. Additionally, strong earnings from the Group's other businesses, debt repayment and refinancing, and enhancements in risk management, treasury operations, and financial reporting practices contributed to the improved ratings. GCR noted that the Group's strengthened capital and leverage outlook was underpinned by robust cash flows from the refinery and sustained earnings from its other businesses.
The ratings agency highlighted that improved operating performance had enabled the Group to repay and refinance debt on more favourable terms, resulting in stronger leverage metrics. This development is expected to enhance the Group's capacity to expand its businesses, increase transparency for investors and creditors, and promote more efficient liquidity management. Dangote Industries said the GCR Ratings upgrade reflected the Group's improved financial performance, stronger cash flows, and enhanced liquidity position.
Group Chief Financial Officer of Dangote Industries Limited, Murat Erden, welcomed the ratings upgrade, describing it as an important independent recognition of the Group's financial transformation and disciplined approach to growth. Erden expressed delight with the outcome of GCR Ratings' process, stating that the ratings represent an important milestone in the Group's growth journey. He added that the ratings would support the Group's broader ambition of continuing to build prosperity for Africans.
The upgraded ratings are expected to have a positive impact on Dangote Industries' business operations and growth prospects. According to Erden, the development also supports the Group's plans for the Dangote Petroleum Refinery & Petrochemicals initial public offering. The Group remains committed to institutional-quality governance, financial transparency, disciplined capital allocation, and building long-term value for all shareholders.
GCR also upgraded the national-scale long-term issue ratings of Dangote Industries Funding Plc's Series 1 Tranche A and Tranche B Bonds, as well as its Series 2 Bond, to AAA(NG) from A+(NG). The new ratings represent the highest possible long-term and short-term ratings on GCR's national rating scale. This development is expected to enhance investor confidence and provide access to more favourable funding options.
The ratings upgrade is a significant milestone for Dangote Industries, reflecting the Group's improved financial performance and stronger market position. The upgrade to AAA(NG) and A1+(NG) is a testament to the Group's commitment to financial transparency, disciplined capital allocation, and long-term value creation. The development is expected to have a positive impact on the Group's growth prospects and its ability to achieve its business objectives.
Key points
- GCR Ratings upgrades Dangote Industries to Nigeria's highest credit rating of AAA(NG) and A1+(NG).
- The upgrade reflects Dangote Industries' robust cash flows, strong earnings, and improved leverage and liquidity.
- The ratings upgrade is expected to enhance the Group's capacity to expand its businesses, increase transparency, and promote more efficient liquidity management.
