African Issuer Ratings
Financial analysis, leverage profiles and rating actions across the continent's leading listed and unlisted issuers.
Construction & Real Estate · Nigeria
Dangote Cement Plc
DANGCEM
Revenue
$2.87B
Growth
11.4%
EBITDA
41.2%
Leverage
1.1x
Liquidity
1.4x
Governance
78
Outlook
Stable
Country Tier
B
Pan-African cement leader with strong margins; FX exposure in NGN remains a key sensitivity.
Banking & Finance · South Africa
Standard Bank Group
SBK
Revenue
$11.42B
Growth
8.1%
EBITDA
38.5%
Leverage
0.4x
Liquidity
1.2x
Governance
86
Outlook
Stable
Country Tier
BB
Diversified African banking franchise; capital ratios well above regulatory minima.
Telecommunications · Kenya
Safaricom Plc
SAFCOM
Revenue
$2.48B
Growth
12.9%
EBITDA
49.1%
Leverage
1.6x
Liquidity
1.1x
Governance
82
Outlook
Positive
Country Tier
BB
M-Pesa platform underpins cash generation; Ethiopia rollout is the major growth and capex driver.
Banking & Finance · Morocco
Attijariwafa Bank
ATW
Revenue
$3.14B
Growth
9.6%
EBITDA
44.8%
Leverage
0.5x
Liquidity
1.3x
Governance
84
Outlook
Stable
Country Tier
BBB
Leading North & West African banking group; expansion in francophone Africa supports earnings.
Banking & Finance · Egypt
Commercial International Bank
CIB
Revenue
$1.82B
Growth
18.4%
EBITDA
52.3%
Leverage
0.3x
Liquidity
1.4x
Governance
80
Outlook
Positive
Country Tier
B
Best-in-class Egyptian private bank; sovereign and FX risk remain the dominant constraints.
Telecommunications · Senegal
Sonatel
SNH
Revenue
$2.39B
Growth
7.2%
EBITDA
47.0%
Leverage
1.2x
Liquidity
1.2x
Governance
79
Outlook
Stable
Country Tier
B
Regional WAEMU telecom champion; Orange-backed governance and stable XOF cash flows.