Agusto & Co. hereby upgrades the rating assigned to Family Homes Funds Limited to “A+”
The rating expires on 30 June 2024.
Agusto & Co. hereby upgrades the rating assigned to Family Homes Funds Limited (“Family Homes”, “FHFL” or “the Company”) to “A+”. The upgrade reflects the strong support Family Homes receives from the Federal Government of Nigeria (FGN), which is evident from continued commitment through injection of capital in the form of grants. FHFL’s rating is also upheld by good asset quality, strong capitalisation, good liquidity and funding profile and experienced management team. However, the rating is constrained by the Company’s weak profitability and susceptibility to political influence, which has resulted in a vacuum at board level as at July 2023. We have also considered the impact of the adverse macroeconomic climate on the ability of Family Homes to deliver its social mandate.
Family Homes is a government-owned development finance institution (DFI) with a social mandate of reducing Nigeria’s housing deficit by facilitating the development of affordable housing and making it easier for low-income households to attain home ownership.