Rating Release
Agusto & Co. hereby affirms the “A+” rating assigned to Family Homes Sukuk Issuance Program Plc’s ₦10 billion Series I Ijara Lease Sukuk
The rating expires on 15 July 2023.
Agusto & Co. hereby affirms the “A+” rating assigned to Family Homes Sukuk Issuance Program Plc’s (“the Issuer” or “FHSIP”) ₦10 billion 13% Series I Ijara Lease Sukuk due 2028 (“the Issue” or “the Sukuk”) under the ₦30 billion Sukuk Issuance Programme. The Issuer is a special purpose vehicle created to issue Sukuk related instruments and pass the proceeds to Family Homes Funds Limited (“Family Homes”, “FHFL” or “the Sponsor”) to finance the development of housing projects across the country.
The rating of the Issue is supported by a duly executed Irrevocable Standing Payment Order (ISPO) in favour of the Delegate Trustees, authorising monthly deductions from FHFL’s account held with the Central Bank of Nigeria (CBN), through a Counter-ISPO on the statutory allocations of four municipals. Family Homes has an “A” rating from Agusto & Co. upheld by good capitalisation, low leverage, good asset quality and support from the Federal Government of Nigeria (FGN).