Agusto & Co. affirms the “Aaa(NG)” rating assigned to Nigeria Mortgage Refinance Company Plc Series II ₦11 billion 15-Year Fixed-Rate Secured Bond.
The rating expires on 30 June 2021.
Agusto & Co. affirms the ‘Aaa(NG)’ rating assigned to Nigeria Mortgage Refinance Company Plc’s (“NMRC” or “the Issuer”) ₦11 billion, 15-year, Second Series Bond (“the Issue” or “the Bond”) maturing in 2033. The rating is supported by an unconditional and irrecoverable guarantee from the Federal Government of Nigeria. The Bond ranks pari passu with present and future outstanding secured and unsubordinated obligations of the Issuer.
The Bond’s coupon, which is fixed at 13.8%, and amortized principal are paid on a quarterly basis. The proceeds of the Issue were used to provide mortgage refinance loans, which are secured by eligible residential mortgage loans, to member commercial and mortgage banks. The Bond obligations are met using the cash flows from the monthly principal and interest payments on the mortgage refinance loans made by the commercial and mortgage banks.
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.