Fitch withdraws all ratings for Dangote industries

Fitch Ratings has withdrawn Dangote Industries Limited’s (Dangote) National Long-Term Rating and senior unsecured rating of ‘B+ (nga)’, while maintaining them on Rating Watch Negative (RWN). The global rating agency said the rating watch negative of the group that it recently accored the group was not resolved due to the pending refinancing of the company’s maturing debt.“Fitch will no longer provide ratings or analytical coverage for Dangote and has withdrawn them for commercial reasons”. Dangote is a conglomerate based in Nigeria and West Africa. Its key business segments are cement, fertiliser, oil refining and food.