SAT SEPT 26 2026-theGBJournal| Dangote Industries Limited has been upgraded four notches to the highest possible national credit ratings of AAA(NG) and A1+(NG) for its long-term and short-term issuer ratings, respectively, by GCR Ratings, reflecting the Group’s improved financial performance, stronger cash flows and enhanced liquidity position.
The ratings, which were upgraded from A+(NG) and A1(NG), respectively, come with a Stable Outlook.
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.
According to GCR, the upgrade was driven by robust cash flows following the successful ramp-up of the Dangote Petroleum Refinery to full capacity, strong earnings from the Group’s other businesses, debt repayment and refinancing, improved leverage and liquidity, as well as enhancements in risk management, treasury operations and financial reporting practices.
The ratings agency noted that the Group’s strengthened capital and leverage outlook was underpinned by robust cash flows from the refinery, alongside sustained earnings from its other businesses.
GCR further stated that improved operating performance had enabled the Group to repay and refinance debt on more favourable terms, resulting in stronger leverage metrics.
Commenting on the development, Group Chief Financial Officer of Dangote Industries Limited, Murat Erden, described the ratings as an important independent recognition of the Group’s financial transformation and its 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 added that the ratings would strengthen the Group’s capacity to expand its businesses, enhance transparency for investors and creditors, broaden funding sources and promote more efficient liquidity management.
According to him, the development also supports the Group’s broader ambition of continuing to build prosperity for Africans.
“As we progress with the Dangote Petroleum Refinery and 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,” Erden said.
The credit rating upgrade comes as Dangote Industries Limited advances plans for the initial public offering of Dangote Petroleum Refinery and Petrochemicals, with a continued focus on governance, financial discipline and sustainable long-term growth.
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