Rating Release
Agusto & Co. hereby affirms the “Aaa(NGA)” rating assigned to Nigeria Mortgage Refinance Company Plc’s (“NMRC” or “the Issuer”) Series II 15- Year Fixed-Rate Secured Bond with a stable outlook
The rating expires on 15 March 2026
Agusto & Co. hereby affirms the “Aaa(NGA)” rating assigned to Nigeria Mortgage Refinance Company Plc’s (“NMRC” or “the Issuer”) Series II 15-year 13.8% Fixed-Rate ₦11 billion Senior Secured Bond (“the Bond” or “the Issue”) issued under the ₦440 billion Debt Issuance Programme (“the Programme”). The Bond’s rating is supported by an unconditional and irrevocable guarantee from the Federal Government of Nigeria (FGN) to the trustees for the benefit of the bondholders on NMRC’s debt obligations for an initial amount of ₦100 billion and not exceeding the maximum guaranteed amount of ₦440 billion. As at 31 December 2024, the Issuer had issued three series under the Programme totalling ₦29 billion.
The Issue constitutes a direct, secured and unconditional obligation of NMRC and ranks pari passu in all respects with its other obligations. The Bond has an amortised principal repayment structure with principal and coupons paid quarterly in March, June, September and December until maturity in March 2033.
