Rating Release
Agusto & Co. affirms the indicative “Aaa(NG)” rating assigned to the Series III ₦10 billion fixed-rate bond of Nigeria Mortgage Refinance Company Plc
The rating expires 2 November 2021
Agusto & Co. affirms the indicative “Aaa(NG)” rating assigned to the Series III ₦10 billion fixed-rate bond (‘the Issue’ or ‘the Bond’) of Nigeria Mortgage Refinance Company Plc (‘NMRC’ or ‘the Issuer’). The Bond is part of the Issuer’s ₦440 billion debt issuance programme, with proceeds to be utilised in refinancing conforming mortgage loans created by eligible mortgage lenders. The rating assigned to the Bond is backed by an unconditional and irrevocable guarantee issued by the Federal Government of Nigeria, while the Issuer’s standalone credit rating of ‘A+’ reflects good profitability, strong capitalization, good asset quality and a strong liquidity and funding profile.
NMRC is a public limited liability company licensed as a mortgage refinance company by the Central Bank of Nigeria (CBN). The Issuer 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. The Issuer was incorporated in June 2013 and commenced operations in 2015, upon receipt of a final operating licence from the CBN.
