Rating Release

Agusto & Co. affirms the “Aaa(NG)” rating assigned to Nigeria Mortgage Refinance Company Plc’s Series II ₦11 Billion Bond

The rating expires on 15 March 2024.

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 bondholders. The FGN guarantees NMRC’s bond issuances of up to ₦440 billion with an initial guarantee amount of ₦100 billion. The proceeds of the Issue were deployed to refinance eligible mortgage loans originated by member financial institutions. The obligations of the Bond are met using the cash flows from the monthly principal and interest payments on the refinanced mortgage loans. NMRC has an “Aa” rating from Agusto & Co. supported by strong capitalisation, good asset quality and liquidity, strong capacity to access funding and an experienced management team.