Rating Release
Agusto & Co. hereby affirms the “Aa” 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”) with a stable outlook
The rating expires on 15 July 2026
Agusto& Co. hereby affirms the “Aa” 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”). The Issuer is a non-operating special purpose vehicle established to issue Sukuk securities in the debt capital market and pass on the proceeds to Family Homes Funds Limited (“Family Homes”, “FHFL” or “the Sponsor”) to finance the construction of affordable housing projects across the country. The rating reflects FHFL’s “Aa-” long term rating from Agusto & Co., which is notched up to reflect the credit enhancement from a duly executed Irrevocable Standing Payment Order (ISPO) that authorises monthly deductions from the Sponsor’s account held with the Central Bank of Nigeria (CBN) into a sinking fund account being managed by delegate trustees to settle the Sukuk obligations. FHFL’s long-term rating reflects good asset quality, strong capitalisation, good liquidity and funding profile and the strong support received from the Federal Government of Nigeria (FGN), which is evident from the commitment through the injection of capital in the form of grants.
