Agusto & Co Upgrades NMRC’s Credit Rating to Aa-
August 6, 2021, Lagos, Nigeria
Agusto & Co has upgraded its credit rating of the Nigeria Mortgage Refinance Company
(NMRC) Plc from “A+” to “Aa- “.
The pan-African leader in credit ratings and credit reports said the upgrade reflects
NMRC’s profitability, good asset quality, capitalization for current business risks, liquidity,
and experienced management team.
The assigned rating also factored the Federal Government of Nigeria (FGN)’s irrevocable
and unconditional guarantee of NMRC’s Bond Issuance Program to the tune of N100billion
while noting the impact of Nigeria’s weak economy on the Company’s operations.
In his reaction to the development, the Managing Director/Chief Executive Officer, NMRC,
Mr. Kehinde Ogundimu, said the upgrade of its credit ratings by Agusto & Co. validates
investor confidence in the operations of the NMRC.
Mr. Ogundimu noted that NMRC would continue to uphold global standards of
transparency and accountability in the conduct of its business as it strives to provide
liquidity, affordability, and stability to Nigeria’s housing market.
NMRC is a CBN-licensed mortgage liquidity facility with the core mandate of developing the primary and secondary mortgage markets. NMRC raises long-term funds from the capital market for mortgage refinancing and by extension promotes affordable housing development and home ownership in Nigeria. NMRC was incorporated on 24th June 2013 and obtained its final license to operate as a non-deposit taking financial institution from the CBN on 18th February 2015.