Rating Release

Agusto & Co hereby affirms the “Aaa(_NG)” rating assigned to Nigeria Mortgage Refinance Company Plc’s Series II ₦11 billion 15-year Bond. 

The rating expires on 15 March 2025.

Agusto & Co. affirms the “Aaa(_NG)” rating assigned to Nigeria Mortgage Refinance Company Plc’s (“NMRC” or “the Issuer”) Series II ₦11 billion 15-year Bond (“the Issue” or “the Bond”) maturing in 2033. The rating is supported by an unconditional and irrevocable guarantee from the Federal Government of Nigeria (FGN) to the trustees of the Bond for the benefit of the bondholders. The FGN guarantees NMRC’s bond issuances of up to ₦440 billion with an initial guarantee amount of ₦100 billion. The Issuer leverages the guarantee from the FGN to raise long-term funding from the Nigerian debt capital market at relatively low rates. The funds are in turn used to provide refinancing facilities to member and non-member institutions for mortgage loans originated in line with NMRC’s uniform underwriting standards.