Rating Release
Agusto & Co hereby affirms the “Aa” rating assigned to Nigeria Mortgage Refinance Company Plc with a stable outlook.
The rating expires on 30 June 2025.
Agusto & Co affirms the “Aa” rating assigned to Nigeria Mortgage Refinance Company Plc (‘NMRC’ or ‘the Company’). The rating is backed by the support of the Federal Government of Nigeria (FGN) through the Ministry of Finance Incorporated (MoFI) and Nigeria Sovereign Investment Authority (NSIA) that has a “Aaa(NGR)” rating from Agusto & Co. Limited. The FGN and regulatory support are evident from the equity stake held in NMRC and the Central Bank of Nigeria’s (CBN) hedging of the foreign currency risk on the loans provided by World Bank’s International Development Association (IDA). The rating assigned also reflects NMRC’s strong capitalisation, good asset quality, very good liquidity and funding profiles, and acceptable profitability. The rating is however constrained by the low contribution of the Company’s core activities to earnings and concentration in the obligor base.