Rating Release

Agusto & Co. hereby affirms the ‘Aaa(NG)’ rating assigned to Nigeria Mortgage Refinance Company Plc’s Series III ₦10 Billion Bond

The rating expires on 2 November 2023

Agusto & Co. hereby affirms the ‘Aaa(NG)’ rating assigned to Nigeria Mortgage Refinance Company Plc’s (“NMRC” or “the Issuer”) Series III ₦10 billion 7-year Bond (“the Issue” or “the Bond”) maturing in 2027. The rating of the Issue is supported by an unconditional and irrevocable guarantee from the Federal Government of Nigeria (FGN) to the trustee for the benefit of the bondholders on NMRC’s debt obligations for an initial amount of ₦100 billion and not exceeding the full guarantee amount of ₦440 billion.

The Bond’s quarterly repayments are met from monthly payments made by the Issuer into a collection account which is jointly managed by the trustees. NMRC has an “Aa” rating from Agusto & Co. supported by good asset quality, strong capitalisation, good liquidity and an experienced management team.