Rating Release
Agusto & Co. hereby affirms the “Aa-” long term and “A1+” short term ratings of Family Homes Funds Limited, with a stable outlook.
The rating expires on 30 June 2026
Agusto & Co. hereby affirms the “Aa-” long term and “A1+” short term ratings of Family Homes Funds Limited (“Family Homes”, “FHFL” or “the Company”). The ratings reflect the strong financial support Family Homes continues to receive from the Federal Government of Nigeria (FGN), demonstrated through consistent capital grants to the institution. The ratings are also upheld by FHFL’s good asset quality reflected in its nil non-performing loans (NPLs) sustained by the insistence on bank guarantees and Irrevocable Standing Payment Orders (ISPOs), access to financing from international development finance institutions (DFIs), strong capitalisation metrics, good liquidity and funding profile and an experienced management team. However, the rating is constrained by Family Homes’ high vulnerability to political influence that could disrupt governance and the low profitability relative to other government backed lending agencies in Nigeria. We have also considered the impact of the weak macroeconomic climate on improving the Company’s performance and the ability of households to purchase homes.
Family Homes is a social housing finance and development institution promoted by the Federal Government of Nigeria (FGN) as part of the National Social Investment Programme (NSIP), aimed at providing affordable housing to low-income families across Nigeria.
