The rating expires on 15 March 2022
Agusto & Co. affirms the “Aaa(NG)” rating assigned to the Series II ₦11 billion fixed-rate bond (‘the Issue’ or ‘the Bond’) of Nigeria Mortgage Refinance Company Plc (‘NMRC’ or ‘the Issuer’). The Bond is part of the Issuer’s ₦440 billion debt issuance programme, with proceeds to be utilised in refinancing conforming mortgage loans created by eligible mortgage lenders. The rating assigned to the Bond is backed by an unconditional and irrevocable guarantee issued by the Federal Government of Nigeria.
NMRC was incorporated in 2013 as a public limited liability company to promote the delivery of affordable housing to Nigerians by providing long-term funding to operators in the Nigerian Mortgage Banking Industry. NMRC commenced operations in 2015 after obtaining an operational licence from the CBN.
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