Moody's Investors Service ("Moody's") has today downgraded the ratings of Dangote Cement Plc (Dangote) and Seplat Energy Plc (Seplat) to Caa1 from B3 and has confirmed the ratings of IHS Holding Limited (IHS) at B3. All three non-financial corporates are domiciled in, or have substantial exposure to Nigeria and the rating action follows Moody's downgrade of Nigeria's long-term issuer rating to Caa1 from B3 and a change in outlook to stable from ratings under review. Moody's also lowered Nigeria's local currency country ceiling to B2 from B1 and the foreign currency country ceiling to Caa1 from B3. For further information, refer to the sovereign press release published on 27 January 2023: https://ratings.moodys.com/ratings-news/398116.

All outlooks were changed to stable from ratings under review and today's rating action concludes the review for downgrade initiated on 28 October 2022.

Moody's has also repositioned the national scale corporate family rating (CFR) of Dangote Cement Plc to Baa3.ng from A3.ng to reflect the mapping of Global Scale Ratings to National Scale Ratings.