Agusto & Co. assigns “Bbb-” rating and a negative outlook to Mixta Real Estate Plc.
This rating expires 30 June 2020.
The rating assigned to Mixta Real Estate Plc. (“Mixta Nigeria”, MRE”, or “the Company”) is hinged on the Company’s adequate working capital, moderate leverage, strong brand presence in the Nigerian real estate market and a stable and experienced management team. However, the rating is tempered by MRE’s subpar profitability, weak cash flow and the adverse macroeconomic environment which has negatively impacted demand for real estate generally.
Mixta Nigeria is a member of the Mixta Africa S. A. – a large property development company operating in seven African countries and Europe. MRE is one of the leading real estate development companies in Nigeria and has a track record and diverse real estate portfolio, with operations spanning the residential, commercial, retail and leisure sub-segments of the Nigerian real estate industry. Mixta Nigeria has a vast land bank measuring 16 million square metres (with only circa 40% currently under development).
The opinions expressed in this rating release do not represent investment or other advice and should therefore not be construed as such. Visit www.agusto.com for further information.
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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.