Dangote Industries Limited has secured the highest possible national credit rating of AAA(NG), with rating agency GCR Ratings citing the successful ramp-up of the Dangote Petroleum Refinery to full capacity as a major driver of the upgrade.
GCR upgraded the Group’s long-term issuer rating by four notches from A+(NG) to AAA(NG), while its short-term issuer rating rose from A1(NG) to the highest possible A1+(NG). Both ratings carry a Stable Outlook.
A statement by the Dangote Group said the rating agency 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).
According to GCR, the upgrade reflects the Group’s stronger financial position, supported by robust cash flows generated following the successful ramp-up of the Dangote Petroleum Refinery, sustained earnings from its other businesses, debt repayment and refinancing, improved leverage and liquidity, and stronger risk management, treasury and financial reporting practices.
GCR said the refinery’s improved operating performance had strengthened the Group’s capital and leverage outlook, while enhanced cash generation enabled Dangote Industries to repay and refinance debt on more favourable terms.
The development comes as Dangote Industries begins its initial public offering of Dangote Petroleum Refinery & Petrochemicals, with the Group maintaining its focus on governance, financial discipline and long-term value creation.
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Commenting on the upgrade, Group Chief Financial Officer Murat Erden said the ratings independently recognize the Group’s financial transformation and disciplined approach to growth.
“We are delighted with the outcome of GCR Ratings’ process. The ratings represent an important independent recognition of the financial transformation taking place across the Dangote Group and the discipline with which we intend to pursue our next phase of growth,” Erden said.
He said the stronger ratings would enhance the Group’s capacity to expand its businesses, improve transparency for investors and creditors, broaden its funding sources and support more efficient liquidity management.
According to Erden, the development also reinforces the Group’s ambition to continue building long-term value and contributing to prosperity across Africa.
“As we progress with the Dangote Petroleum Refinery & Petrochemicals initial public offering, we remain committed to institutional-quality governance, financial transparency, disciplined capital allocation and building long-term value for all our shareholders,” he added.
Victor Ezeja is a Nigerian journalist skilled in producing insightful news analyses, feature stories, and interviews that simplify complex issues and drive informed public discourse. His work combines rigorous research, balanced reporting, and compelling storytelling to highlight developments shaping industries and society. Victor, who holds a Master's Degree in Mass Communication, specializes in energy, aviation, business, and economic reporting. He can be reached via @VICTOREZEJA on X
