Rating Release

Agusto & Co. hereby affirms the “A+” rating assigned to Dangote Industries Funding PLC’s (“the Issuer”) ₦112.42 billion 16.75% Series 2 10-Year Senior Unsecured Bond Due 2032 (“the Series 2 Bond” or “the Issue”) under the ₦300 billion Debt Issuance Programme

The rating expires on 19 July 2026. 

Agusto & Co. hereby affirms the “A+” rating assigned to Dangote Industries Funding PLC’s (“the Issuer”) ₦112.42 billion 16.75% Series 2 10-Year Senior Unsecured Bond Due 2032 (“the Series 2 Bond” or “the Issue”) under the ₦300 billion Debt Issuance Programme. The rating is hinged on Dangote Industries Limited’s (“DIL”, “Dangote Group” or “the Sponsor”) evolving business model and growing capacity to generate sustainable value across its oil and non-oil segments. However, elevated group-level indebtedness and considerable foreign exchange exposure continue to pose significant credit risks, while emerging pressure on the Sponsor’s operating margins and cash flows following early-stage losses at the refinery have warranted our revision of the rating outlook to negative from stable.