Rating Release
Agusto & Co. hereby affirms the “Aaanga” 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”) with a stable outlook
The rating expires on 15 March 2027
Agusto & Co. hereby affirms the “Aaanga” 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 rating reflects the Federal Government of Nigeria’s (FGN) irrevocable and unconditional guarantee on the Issuer’s debt obligations for an initial amount of ₦100 billion and not exceeding the maximum guaranteed amount of ₦440 billion. NMRC is licensed as a mortgage refinance company by the Central Bank of Nigeria (CBN) and focuses on providing long-term fixed-rate funding to Nigeria’s mortgage lenders to support the acquisition and delivery of affordable housing. The Issuer has an “Aa+” rating from Agusto & Co., which reflects its strong capitalisation, good asset quality underpinned by nil non-performing loans and investments in low risk FGN instruments and good liquidity and funding profiles. We have also considered the Issuer’s good corporate governance structure and strong access to funding from the debt capital market in assigning the rating.