Rating Release 

Agusto & Co. hereby upgrades Nigeria Mortgage Refinance Company Plc’s ratings to “Aa+” (long term) and “A1+” (short term) with a stable outlook. 

The rating expires on 30 June 2027 

Agusto & Co. hereby upgrades Nigeria Mortgage Refinance Company Plc’s (“NMRC” or “the Company”) rating to “Aa+” (long term) and “A1+” (short term). The upgrade reflects NMRC’s strengthened institutional profile and continued support from the Federal Government of Nigeria through the guarantee on its bond issuances, which enhances access to long-term debt funding and supports its mandate to provide liquidity for affordable housing. The ratings are also supported by the Company’s good capitalisation, strong asset quality upheld by significant exposure to low-risk government securities and nil non- performing loans (NPLs), good liquidity and funding profile and experienced management team. Nonetheless, the rating is constrained by the regional concentration in the mortgage refinance portfolio and low contribution of core business activities to income. We have also considered the impact of mortgage foreclosure and land documentation bottlenecks, which have constrained the pool of qualifying mortgages.

NMRC is a public limited liability company licensed by the Central Bank of Nigeria (CBN) as a mortgage refinancing company.