Rating Release

Agusto & Co. hereby affirms the “Aaa(NG)” rating assigned to the Nigeria Mortgage Refinance Company Plc’s (“NMRC” or “the Issuer”) ₦10 billion, Series III Fixed Rate Bond (“the Issue” or “the Bond”).

The rating expires on 3 November 2022.

Agusto & Co. hereby affirms the “Aaa(NG)” rating assigned to the Nigeria Mortgage Refinance Company Plc’s (“NMRC” or “the Issuer”) ₦10 billion, Series III Fixed Rate Bond (“the Issue” or “the Bond”). The Issue rating is hinged on the support of the Federal Government of Nigeria (“FGN” or “the Guarantor”), which provides an irrevocable and unconditional guarantee on obligations under the Issuer’s ₦440 million debt issuance programme subject to an initial guarantee amount of ₦100 billion. The Issuer rating also reflects NMRC’s experienced management team, good asset quality, strong capitalisation, good liquidity and profitability. We have also considered the impact of Nigeria’s weak economy on NMRC’s operations.

The Nigeria Mortgage Refinance Company (‘NMRC’ or ‘the Issuer’) is a public limited liability company licensed as a mortgage refinance company by the Central Bank of Nigeria (CBN). NMRC operates as a private sector-driven mortgage refinance company with the objective of promoting homeownership by providing long-term funding to operators in the Nigerian mortgage banking industry.