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 2025.

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 non-operating special purpose vehicle established to issue Sukuk securities in the public debt capital market and pass on the proceeds to Family Homes Funds Limited (“Family Homes Limited”, “FHFL” or “the Sponsor”) to finance the construction of affordable housing projects across the country. The rating reflects the upgrade of FHFL’s rating by Agusto & Co. to “Aa-” and is further notched upward to reflect the credit enhancement from a duly executed Irrevocable Standing Payment Order (ISPO) that authorises monthly deductions from Family Homes Limited’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 received from the Federal Government of Nigeria (FGN), which is evident from the commitment through the injection of capital in the form of grants.