Moody’s goes positive on Dangote, Seplat

Moody’s Investors Service said it changed the outlooks to positive from stable on two Nigerian corporate issuers and affirmed their Caa1 ratings.

The companies are Dangote Cement plc and Seplat Energy plc.

Both are based in and have significant exposure to Nigeria and the rating action follows the Dec. 8 decision to affirm Nigeria's Caa1 government rating and change the outlook to positive from stable, the agency said.

“These corporates to varying degrees are exposed to Nigeria's economic, political, legal, fiscal and regulatory environment and therefore have interlinkages with Nigeria's sovereign rating. Overall, operating and financial performance of these rated corporates has remained strong, despite challenges arising from the unification of the foreign-exchange windows in June 2023,” Moody’s said in a statement.

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