(Bloomberg) -- Fitch Ratings downgraded its assessment of Dangote Industries Ltd.’s creditworthiness, citing factors including a “significant deterioration in the group’s liquidity position following lower-than-expected disposal proceeds,” and placed its ratings on a negative watch.
It lowered the company’s national long-term rating to B+(nga) from AA(nga), the Fitch said in a report on Tuesday.
The ratings of the corporation owned by Africa’s richest person, Aliko Dangote, were also hampered by “local-currency devaluation and lack of contracted backup funding to repay its significant debt facilities maturing on Aug. 31,” Fitch said.
It cautioned that a “lack of tangible steps to refinance or repay the maturing debt would lead to further downgrade.”
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