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Agusto & Co affirms the ‘A+’ rating assigned to Nigeria Mortgage Refinance Company Plc

Rating Release

Agusto & Co affirms the ‘A+’ rating assigned to Nigeria Mortgage Refinance Company Plc.

The rating expires on 30 June 2021.

Agusto & Co affirms the ‘A+’ rating assigned to Nigeria Mortgage Refinance Company Plc (“NMRC” or “the Company”). The rating of the Company is supported by good profitability, strong capitalization, good asset quality and a strong liquidity and funding profile. We have also taken into consideration the notable support that NMRC receives from the Federal Government of Nigeria (FGN).

FGN’s support is demonstrated by the government’s commitment to providing guarantees for NMRC’s bond issuances. However, the rating is constrained by the low contribution of the Company’s core activities to earnings, concentration in the obligor base and current macroeconomic challenges (which includes the prevailing low yields on FGN treasury bills and money market placements and its attendant negative impact on the Company’s growth and income).

This Rating Release is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating release may be used by you in full or in part without changing the meaning or context thereof but with due credit to Agusto & Co.