Moody’s Investors Service has downgraded the ratings of Seplat Energy Plc, Dangote Cement and IHS Holdings Limited.
Moody’s noted that though the corporates have relative prudent financial policies, adequate liquidity, moderate to low leverage and strong business profiles, they are still constrained by the foreign currency country ceiling and materially exposed to Nigeria’s economic, political, legal, fiscal and regulatory environment.
Moody’s also recently downgraded Nigeria’s local currency country ceiling to B1 from BA3 and the foreign currency country ceiling to B3 from B2.