Agusto & Co. affirms the “Aaa” rating to the Nigeria Mortgage Refinance Company’s (“NMRC” or “The Company”) ₦11 billion, 15-year, Second Series Bond (“the Issue” or “the Bond”). The Bond is the second tranche under the Company’s ₦440 billion debt issuance programme.
The Rating expires on 30 June 2020.
The rating is supported by the unconditional and irrecoverable guarantee issued by the Federal Government of Nigeria for the due and punctual performance by the Issuer of all its payment obligations in relation to notes issued by the NMRC for an amount not exceeding ₦100 billion. The Bond will rank pari passu with present and future outstanding unsecured and unsubordinated obligations of the Issuer and the guarantor (the Federal Government of Nigeria).
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