Nigeria Mortgage Refinance Company Plc’s Series II ₦11 Billion Bond

Rating Category: Mortgage Institutions

Nigeria Mortgage Refinance Company Plc’s Series II ₦11 Billion Bond

Rating Release

Agusto & Co. hereby assigns a ‘Aaa(NG)’ rating to Nigeria Mortgage Refinance Company Plc’s Series II ₦11 Billion Bond

This rating expires 15 March 2023.

Agusto & Co. hereby affirms the ‘Aaa(NG)’ rating assigned to Nigeria Mortgage Refinance Company Plc’s (“NMRC” or “the Issuer”) Series II 11 billion 15-year Bond (“the Issue” or “the Bond”) maturing in 2033. The rating assigned to the Issue is supported by an unconditional and irrevocable guarantee from the Federal Government of Nigeria (FGN) for up to 100 billion. The Issue ranks pari passu with present and future outstanding secured and unsubordinated obligations of the Issuer. The proceeds of the Issue were deployed to provide refinance mortgage loans – secured by eligible residential mortgage loans – to member banks. The obligations of the Bond are met using cash flows from the monthly principal and interest payments on the mortgage refinance loans made by the banks.

This Rating Release is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating release may be used by you in full or in part without changing the meaning or context thereof but with due credit to Agusto & Co.
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