Rating Release

Agusto & Co. hereby upgrades the rating assigned to Family Homes Sukuk Issuance Program Plc’s Series I ₦10 billion Sukuk to “Aa-“ with a stable outlook.

The rating expires on 15 July 2024.

Agusto & Co. hereby upgrades the rating assigned to Family Homes Sukuk Issuance Program Plc’s (“the Issuer” or “FHSIP”) ₦10 billion 13% Series I Ijara Lease Sukuk due 2028 (“the Issue” or “the Sukuk”) to “Aa-”. The Issuer is a special purpose vehicle created to issue Sukuk related instruments and pass the proceeds to Family Homes Funds Limited (“Family Homes”, “FHFL” or “the Sponsor”) to finance the development of affordable housing projects across Nigeria. The rating of the Issue reflects the upgrade of the Sponsor’s rating by Agusto & Co. and is further notched upward to reflect the duly executed Irrevocable Standing Payment Order (ISPO) authorising monthly deductions from FHFL’s account held with the Central Bank of Nigeria (CBN) into a Sinking Fund Account (SFA) managed by Delegate Trustees to settle the Sukuk obligations. The Sponsor’s rating reflects good asset quality, strong capitalisation, good liquidity and funding profile and the strong support Family Homes receives from the Federal Government of Nigeria (FGN).